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easyGym owners ‘lining up a sale’
By Jak Phillips
easyGym has an enviable property footprint in London, including a flagship location on Oxford Street
Low cost health club chain easyGym is reportedly being prepared for a sale.
According to Sky News, a sale of the 14-site gym chain is being lined up by the company’s major shareholders, said not to include easyGroup founder Sir Stelios Haji-Ioannou. Investment bank Houlihan Lokey has reportedly been appointed to oversee a sale later this year by the shareholders, who include the company's management, private equity firm Argosy Capital and Middle Eastern investment vehicle Fit & Healthy Holdings.
easyGym, which is helmed by CEO and co-founder Paul Lorimer-Wing, has an enviable property footprint in London, with half of its gyms situated in the capital including a flagship location on Oxford Street.
The mooted sale is the latest market activity in what has been a busy couple of months for the gym industry. Fitness First owner Oaktree Capital Management is understood to have put the high profile chain up for sale, meanwhile The Gym Group recently went public and budget rival Pure Gym is expected to soon follow suit with a potential £500m+ listing.
Health Club Management has contacted easyGym for comment on the report.
Low cost health club chain easyGym is reportedly being prepared for a sale.
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