PureGym plots more UK expansion as pent-up demand pays off
PureGym begins to reap the rewards of pent-up demand as all of its 506 gyms have once again opened their doors, pushing the group to expand.
The gym operator recorded a revenue for June at 99 per cent of the levels seen in the June before the pandemic, in the quarter ending 30 June 2021, boosted by the group’s 15 new gyms.
The majority of the group’s gyms re-opened in April and early May, which pushed the gym operating group to return to profit in May, which it said carried over into June and July.
Member levels also trail just behind 2019 recordings, which are now at 94 per cent of pre-pandemic levels climbing up from 81 per cent at the end of March.
PureGym opened 15 new gyms in the first half of the year, including 13 in the UK with plans to open an additional 12 in the second half of the year.
“The PureGym Group is recovering quickly after a shockingly challenging first quarter when all our gyms were closed and we were losing over £0.5m per day,” CEO Humphrey Cobbold said.
“We believe this is a propitious time to expand particularly in the UK and Switzerland. Changing work and leisure patterns against the backdrop of fallout in the retail sector are presenting favourable opportunities for commercial property tenants like PureGym.”
It follows reports in July that the gym chain was eyeing an initial public offering (IPO).