Tuesday, June 25, 2024

PureGym hits the two million member milestone and targets 200 more locations in Europe in next four years | Leisure Opportunities news

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PureGym targeting an additional 200 gyms in UK and Switzerland within four years

Plans to open 130 sites across the Middle East and North Africa by 2027

Q1 trading update shows adj EBITDA up by 31 per cent

The two million members milestone has also been reached

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Speaking to HCM for its 2024-2025 Handbook, which will be out next month, PureGym managing director, Rebecca Passmore, says the company is on track to deliver on its global expansion plans.

Trading as Pure Fitness, PureGym has struck a deal with RCS Real Estate Advisors in the US for site-finding and franchise rollout and is in active conversations with numerous territories, including Japan and India.

Plans are progressing well in the Middle East, where 20 franchised gyms have opened since 2021 with partners from Al Hokair. “By 2027, we have plans to open 130 gyms across the wider Middle East and North Africa region,” says Passmore. “There also remains significant opportunity to open new sites in our core markets of the UK and Switzerland, where we are targeting an additional 200 gyms in the next three to four years and the investment and optimisation of our Danish estate remains ongoing.”

The company is in a good position to execute its expansion plans with £326 million total liquidity.

According to last week’s Q1 trading update, Pure Gym has started 2024 with the same momentum it ended 2023. Adjusted EBITDA was up 31 per cent on the same period 2023, to £36 million.

Revenue was £148.2 million, compared to £133.5 million, which was attributable to an 8 per cent increase in members and a 1 per cent increase in average revenue per member. Members exceeded two million for the first time and 11 new sites opened.

With around 600 gyms, PureGym is Europe’s second largest operator.

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