PURE Gym said turnover and profits increased substantially last year following the rapid expansion of its “affordable quality” fitness centres.
Underlying profits rose to £22.6m last year, compared with £14.3m in 2013, on revenues that increased almost 50 per cent to £68.6m, according to the Leeds-based group.
Peter Roberts, executive chairman, said: “In 2014 we delivered impressive financial performance whilst managing significant expansion.
“In just five years Pure Gym has established itself as
the leading gym operator in the UK and made gym membership a reality for hundreds of thousands of
“We have further exciting expansion plans for 2015 and look forward to another year of growth.”
Pure Gym claims to be largest gym company in the UK with more than 500,000 members.
The Sunday Times reported it was in advanced talks to buy Doncaster-based LA Fitness.
Pure Gym appointed Humphrey Cobbold as chief executive in January. He joined from Wiggle, the online bike retailer.
He said: “The time I’ve spent getting to know the company since joining in January has reaffirmed my view that this is a very high quality business with great people and tremendous opportunities.”
He added: “We will not be satisfied simply with gym market leadership.
“As well as planning to open 30-40 new sites this year, we are exploring additional opportunities which fit with our brand and capability.
“It’s an exciting time as we look to drive a significant revolution in the market for access to fitness facilities, more active lifestyles and the well being of the British people.”
CCMP Capital Advisors, the New York-based private equity megafund, acquired a majority stake in Pure Gym in 2013. Leeds is also home to rival budget gym chain Xercise4Less, which claims to be “the People’s Gym” and is backed by the Business Growth Fund.