PureGym acquires Soho Gyms
PureGym has completed the acquisition of Soho Gyms and its 10 fitness clubs, all of which are based in prime London locations and are highly complementary to PureGym’s existing estate. PureGym will convert all of the Soho Gyms sites into the PureGym format through a rolling refurbishment programme.
Similar to the successful integration of the LA Fitness business, which it acquired in 2015, PureGym will invest in refurbishing the gyms, providing Soho Gyms' existing members with access to first-class facilities and a growing nationwide network of 214 gyms. This transaction will bring the number of sites in PureGym's London estate to 59.
Humphrey Cobbold, Chief Executive of PureGym, said: "We're absolutely delighted to announce the acquisition of Soho Gyms and look forward to welcoming their members to Pure Gym. As the leading gym operator in the country and in the capital, this deal will clearly benefit our existing members as well as provide more affordable and flexible options to people across London. With well over 200 great facilities nationwide, 24 hour opening, monthly memberships offering exceptional value, and no requirement for a 12 month contract we continue to change the game of fitness and activity in the UK and deliver on our commitment to Inspire a Healthier Nation."
Launched in November 2009, in February this year, PureGym reached one million members - a milestone never previously achieved by a UK gym group - and in March opened its 200th site. In addition to the acquisition of Soho Gyms, PureGym plans to open at least 20 gyms a year - extending its position as the UK's leading gym operator. On average PureGym members pay around £20 per month compared to typical average prices in the market of around £40. Members benefit from fully equipped facilities and between 50 and 80 classes per week included in the monthly membership price.