Pure Gym Builds Financial Muscle
23-Mar-2010
An operator of four gyms across the UK is planning a rapid expansion to 20 sites after raising £6 million of venture capital.
Pure Gym secured £6 million from London-based Magenta Partners and intends to open an additional 16 gyms by next year. Its members pay roughly £16 a month for 24-hour access to facilities.
The investment by Magenta follows a round of £3.5 million from the company's management team, led by CEO Peter Roberts, and private individuals in 2009.
Tom Matthews, a partner at Magenta, says, 'Low-cost gyms represent the next phase of growth in the maturing UK health and fitness market... [attracting] new, more price-sensitive customers.'
Pure Gym's current sites are in Leeds, Manchester, Edinburgh and Wolverhampton. A fifth, in Sheffield, is due to open shortly.
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