Gym venture raises cash

A new pay-as-you-go gym venture has secured £260,000 in funding from private investors as it looks to revolutionise the health club market, it was announced today.

Investment firm Envestors said it had successfully launched a financing from private investors for start-up company payasUgym, which aims to offer casual gym users access to a network of gyms on a pay as you go basis with no membership ties.

PayasUgym is hoping to launch next month, allowing customers to "load" cash on to an online account that can be used at a wide range of fitness centres, from spas to leisure centre gyms.

Jamie Ward, co-founder of payasUgym, said: "Consumers are increasingly demanding more choice and flexibility with their gym memberships.

"PayasUgym will address these existing market restrictions and provide affordability and convenience for casual gym users."