Tue, 08 May 2012 | BUSINESS SALE
Pure Gym could be for sale in the near future as the firm has recently appointed corporate finance house Hawkpoint to review its business.
The company is known for providing an alternative approach to gym membership. Instead of tying customers into the service, it allows them to avoid fixed-term contracts and pay for membership a month at a time.
Pure Gym also offers a stripped-down experience in comparison to many of its competitors, allowing it to keep its prices low.
It's clearly a winning formula as pre-tax profits in the year to February stood at £1.2 million, compared to just £10,613 in the previous year. Meanwhile, turnover rose from £6.3 million to £16.8 million.
The business is continuing to grow its operations and opened 12 gyms over the past year, taking its total to 22, after operating initially with just two locations in London. The appointment of Hawkpoint, as reported by the Telegraph, could be a sign that a buyer is being considered to allow for the development of further gyms in the future.
Peter Roberts, former boss of the Golden Tulip hotel chain, runs the Pure Gym business, while it is chaired by Sir Nick Pearson, former director of Intercontinental Hotels.
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