Fri, 29 May 2015 | BUSINESS SALE
Pure Gym has confirmed this morning (29 May) that the company has purchased its rival LA Fitness.
The deal will see LA Fitness and its 43 clubs added to Pure Gym's 98 clubs, enabling Pure Gym to accelerate its expansion plans and increase its presence in the London and the South East in particular where many of LA Fitness's clubs are located.
For the time being, Pure Gym has not disclosed the exact value of the deal but it is thought that the business sale went through for a figure in the region of £60 million to £80 million.
Humphrey Cobbold, chief executive with Pure Gym, commented: “Overall demand for affordable, high quality, and no-contract fitness centres is continuing to grow, served by a range of providers in a highly competitive market-place.”
The takeover deal still needs to receive approval from the Competition and Markets Authority for review but should it go ahead it will no doubt be welcomed by both sides as Pure Gym benefits from new clubs to increase its offerings and LA Fitness will end its “period of uncertainty”.
The target's chief executive Martin Long added: “We are pleased to have secured a new long term owner in Pure Gym”.
LA Fitness has been looking at restructuring and sale options for some time now. In March 2014 started considering plans for the sale of half of its gyms.
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