The PureGym Group reported strong Q3 results to bond investors in November with revenue ahead of the equivalent period in 2019 and profits bouncing back robustly from the challenges of the pandemic. The PureGym brand is now fully established in 40 sites in Switzerland, in Saudi Arabia where the first of many planned franchise sites are already open and trading, and will soon be in the US in three trial sites.
PureGym believes that the conditions are now right for significant further development of the business. Combined with existing resources and credit lines, the group will have access to approaching £500m of capital after the completion of this investment from KKR, with this capital enabling continued growth through the opening of more sites both in its current markets, as well as to sustain continued international expansion over the coming years. PureGym will also deploy significant capital to strengthen the existing gym network, and maintain and enhance its already market-leading technology platform. This will continue a trend of tech and digital investment.
Humphrey Cobbold, Chief Executive Officer of PureGym, said: “We are simply delighted to welcome today an investment firm of KKR’s stature – a firm I have known and respected for many years – as our new strategic partner. To have investors of the calibre of KKR and LGP supporting our business is a testament to the extraordinary efforts of every single colleague across our enterprise. It is also an endorsement of our overall strategy which is to become one of the leading players in the rapidly developing world market for gyms, fitness and activity.”