Fitness chain Pure Gym in good health as turnover hits £99.5m
Pure Gym, Britain’s biggest gym operator, has seen its turnover soar from £68.6m to £99.5m following a 50 per cent increase in membership.
However profits for the budget chain dropped from £7.5m to £2.6m thanks to exceptional expenses, the latest accounts filed for 2015 showed.
The Leeds-based fitness operator, that has 160 gyms across the UK, now boasts 622,000 members. The gyms are open 24 hours a day and day passes are available for £5.
Owned by US private equity giant CCMP Capital, Pure Gym is planning a stock market float that could value the no-frills fitness chain at £500m. In January this year, the chain appointed Rothschild to advise on its options.
Last year, the company acquired LA Fitness in an estimated £60m-£80m deal and spent £5m on rebranding.
In 2013, a £300m merger between Pure Gym and its rival The Gym Group was abandoned after the Competition and Markets Authority said it wanted to launch an investigation into the deal. At the time, both operators said that an investigation would have a “detrimental effect” on their businesses.
Pure Gym chairman Adrian Bellamy said: “The Pure Gym organic business continues from strength to strength.”