The Leeds-based fitness operator has secured a £300m equity investment from KKR that will see the latter become a significant minority investor in the business alongside management and Leonard Green & Partners (LGP), who retain a majority ownership position.

PureGym bosses said they believed now was time to ramp up expansion plans into new markets, as well as to invest in its current network of gyms.

The group reported strong results to bond investors in November for the third quarter of the year with revenue ahead of the equivalent period in 2019 and profits bouncing back robustly from the challenges of the pandemic.

PureGym now fully established in 40 sites in Switzerland and in Saudi Arabia where the first of many planned franchise sites are already open and trading, and will soon be in the US in three trial sites.

It is now targeting the opening of more sites both in its current markets, as well as to sustain continued international expansion over the coming years.

PureGym will also deploy significant capital to strengthen the existing gym network. This will continue a trend of tech and digital investment that recently saw the PureGym in-house developed app win the prize for UK Health & Fitness App of the year.

Humphrey Cobbold, chief executive officer of PureGym, said: “We are simply delighted to welcome today an investment firm of KKR’s stature – a firm I have known and respected for many years – as our new strategic partner.

“To have investors of the calibre of KKR and LGP supporting our business is a testament to the extraordinary efforts of every single colleague across our enterprise.

“It is also an endorsement of our overall strategy which is to become one of the leading players in the rapidly developing world market for gyms, fitness and activity. We have a clear and deliverable growth strategy to ensure we deliver on this mission. We aim to expand further and consolidate our leadership positions in the UK, Switzerland and Denmark.

“Beyond Europe we have established a ground-breaking franchise partnership in the Middle East, exciting early-stage discussions with potential franchise partners in Asia, three trial sites preparing for launch in the US, and an exciting digital fitness development plan.

“With health and wellbeing rising to the top of the global agenda we now have the capital, the capabilities, the technology and the management team to become a global fitness and activity operator.”

PureGym is currently the UK’s leading gym operator. Blaine MacDougald, partner and co-head of KKR’s Strategic Investments Group, commented: “We have followed PureGym closely over the last few years as it emerged as an outstanding performer in its sector, with an experienced management team well-positioned to take advantage of the global opportunity in health and wellbeing.

“This investment provides PureGym with flexible capital to support its growth and international expansion plans and we will draw on the full range of KKR’s global platform and operational resources to help them drive further success for the business.”

Kris Galashan, partner at LGP, said: “Today’s capital raising represents a significant development in the company’s journey. We are delighted to be working alongside KKR and look forward to working with them and the management team to secure further growth and success.”

PureGym was founded in Leeds in 2009 by businessman Peter Roberts.

In addition to its headquarters in Leeds it has additional offices in London and Southampton.

Operating on a ‘no frills’ basis it has become Britain’s largest gym chain by membership, with over 1,000,000 members registered to its gyms.

In May 2015, PureGym acquired all gyms from rival UK fitness chain LA Fitness, bringing the total number of gyms across the UK to 141.

As of December 2021, PureGym had 307 gyms with more than one million members.

PureGym targets further overseas expansion after securing £300m private equity backing