The firm charges an average monthly membership of £19.79, which has allowed it to take business that would have otherwise gone to mid-market and premium chains, such as Fitness First and David Lloyd.Determined to keep that trend going, with a view of building on 163 gyms and 786,000 members nationwide, Pure said it expects to raise £190m from the IPO. Most of the capital will be used alongside other borrowings to clear bank debt entirely, with remaining funds to drive future growth. The company highlighted that its price point has also attracted new business, not just custom from rivals, in that consumers who have never joined gyms previously have become members of Pure. In addition to low cost, convenience is also a factor as customers aren?t tied into contracts and can cancel any time, while gyms are open all hours of the day. Pure boasted an ambition to ?lead the revolution in the UK health and fitness industry” through meeting customer needs and delivering shareholder returns. The takeover of LA Fitness was one component of Pure’s growth strategy and directors claim there is ‘substantial opportunity to evaluate avenues for growth such as alternative fitness formats and opportunistic acquisitions?. An example of this is the firm’s Pure Ride cycling studio, which was opened by Olympic gold medal-winning cyclist Chris Hoy, who is both an investor and ambassador for the business.investigated the rise of Alternative fitness formats?, which can include boutique outfits that have also been keen to take on the big box operators. In fact, premium, but small, fitness studio 1Rebel secured investment from Pure’s co-founder James Jack. Tony Ball, chairman of Pure Gym, said: ?Pure Gym’s growth from a start-up company in 2008 to undisputed market leader today is a story of disruption and shows how entrepreneurial vision can build real business success. “Considering what the company has achieved in just eight years, I am hugely excited about its potential for the future.
Read more on the British fitness industry:
- National Fitness Day: Brits have a radical vision for the fitness industry of 2026
- Employers slammed by workers for directly contributing to obesity
- There’s never been a better time to open a fitness franchise in the UK
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