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Pure Gym close to bailing out of £1.5bn London listing

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Pure Gym suffered losses of almost £200m last year after the budget fitness chain was forced to close all of its sites for several months during coronavirus lockdowns.

The UK’s largest gym chain Pure Gym is reportedly close to abandoning its £1.5bn London float.

The company could decide sometime this week whether it will go ahead with the listing, Sky News’ Mark Kleinman first reported.

Though the initial public offering (IPO) had not been formally announced, Pure Gym had confirmed in August that it was looking at option to rally a fresh bout of funds.

The gym chain had been struck hard by the pandemic which left its nearly 300 UK sites closed off to the public amid emergency Covid-19 measures – which resulted in losses of almost £200m last year.

More to follow.