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Active IQ
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UNITING THE WORLD OF FITNESS
Health Club Management

Health Club Management

News

Basic-Fit raises €150m additional financing to weather COVID and drive expansion

Europe’s largest fitness chain, Basic-Fit, has secured a €150m bridge facility, which it says will provide it with the financial flexibility to weather the impact of the pandemic and to "recommence its growth strategy".

The group, which currently operates 905 clubs across the continent, revealed in October 2020 that it plans to open a further 337 clubs by the end of 2022.

In a statement, Basic-Fit said that the pandemic had resulted in widespread closures across its European estate, but that it expects to resume its expansion programme once lockdown restrictions are lifted.

"As a result of the government measures, following the second COVID-19 wave, we had to start closing clubs again at the end of September,"

"By mid-December, all our clubs in the Netherlands, Belgium and France were closed.

"We ended 2020 with a total network of 905 clubs (up 121 clubs year on year) of which 851 clubs are still closed, and 54 clubs (Spain and Luxembourg) remain open.

"We ended 2020 with 2.0 million members (2.2 million year-end 2019).

"With the continued uncertainty regarding the timing of reopening of our clubs in the countries where these are currently closed, the additional facility is expected to ensure ample liquidity for Basic-Fit during this pandemic and to keep us well positioned post-COVID-19 to resume our growth path.

"With our clubs being closed in our largest countries, we continue to manage our cash outflow by keeping capital expenditure at a minimum and operating with a reduced cost base."

ABN AMRO and Rabobank acted as Bookrunning Mandate Lead Arrangers on the bridge facility. Basic-Fit anticipates to refinance the committed bridge facility "with debt, equity or equity-linked instruments or a combination thereof".

Sign up here to get HCM's weekly ezine and every issue of HCM magazine free on digital.
Europe’s largest fitness chain, Basic-Fit, has secured a €150m bridge facility, which it says will provide it with the financial flexibility to weather the impact of the pandemic and to 'recommence its growth strategy'.
HAF,FIT,IND,PTS
2021/THUMB347145_290429_747819.jpg
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News

Basic-Fit raises €150m additional financing to weather COVID and drive expansion

Europe’s largest fitness chain, Basic-Fit, has secured a €150m bridge facility, which it says will provide it with the financial flexibility to weather the impact of the pandemic and to "recommence its growth strategy".

The group, which currently operates 905 clubs across the continent, revealed in October 2020 that it plans to open a further 337 clubs by the end of 2022.

In a statement, Basic-Fit said that the pandemic had resulted in widespread closures across its European estate, but that it expects to resume its expansion programme once lockdown restrictions are lifted.

"As a result of the government measures, following the second COVID-19 wave, we had to start closing clubs again at the end of September,"

"By mid-December, all our clubs in the Netherlands, Belgium and France were closed.

"We ended 2020 with a total network of 905 clubs (up 121 clubs year on year) of which 851 clubs are still closed, and 54 clubs (Spain and Luxembourg) remain open.

"We ended 2020 with 2.0 million members (2.2 million year-end 2019).

"With the continued uncertainty regarding the timing of reopening of our clubs in the countries where these are currently closed, the additional facility is expected to ensure ample liquidity for Basic-Fit during this pandemic and to keep us well positioned post-COVID-19 to resume our growth path.

"With our clubs being closed in our largest countries, we continue to manage our cash outflow by keeping capital expenditure at a minimum and operating with a reduced cost base."

ABN AMRO and Rabobank acted as Bookrunning Mandate Lead Arrangers on the bridge facility. Basic-Fit anticipates to refinance the committed bridge facility "with debt, equity or equity-linked instruments or a combination thereof".

Sign up here to get HCM's weekly ezine and every issue of HCM magazine free on digital.
Europe’s largest fitness chain, Basic-Fit, has secured a €150m bridge facility, which it says will provide it with the financial flexibility to weather the impact of the pandemic and to 'recommence its growth strategy'.
HAF,FIT,IND,PTS
2021/THUMB347145_290429_747819.jpg

News

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Groundbreaking research from around the world is proving the many ways exercise can support health and creating opportunities for the sector to be more valued and useful
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The idea was to weave a wellness culture into the fabric of village life by incorporating movement, rest and relaxation, nutrition, connectedness, purpose and environment
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"Prescribing exercise will always be preferential to prescribing painkillers, given the risks associated with their long-term use"
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Opinion
promotion
The UK’s first dedicated leisure development framework has completed its first four-year term with £144m committed investment in public leisure projects.
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Featured supplier news
Featured supplier news: New consumer expectations demand an exceptional customer experience
fibodo believes that providers who meet consumers needs of service, flexibility, richness of content and accessibility will thrive as we build new and different models of working in leisure, health and fitness and across all sports and activities.
Featured supplier news
Featured supplier news: iFit: your readymade omnichannel fitness solution
With gyms and leisure centres in England reopened, and the rest of the UK due to shortly follow suit, the time for being theoretical is over.
Company profiles
Company profile: Les Mills UK
For over 50 years Les Mills has been leading the way in fitness to inspire ...
Company profiles
Company profile: Proinsight Research Ltd
We take time at the outset to understand your unique customer journey. Then we work ...
Catalogue Gallery
Click on a catalogue to view it online
Directory
Whole body cryotherapy
Art of Cryo: Whole body cryotherapy
Architects/designers
Zynk Design Consultants: Architects/designers
Red Light Therapy
 Red Light Rising: Red Light Therapy
Independent service & maintenance
Servicesport UK Limited: Independent service & maintenance
Skincare
Sothys: Skincare
Wearable technology solutions
MyZone: Wearable technology solutions
Uniforms
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Spa software
SpaBooker: Spa software
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Crown Sports Lockers: Lockers/interior design
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Property & Tenders
Pendine Sands, Carmarthenshire
Carmarthenshire County Council
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Diary dates
07-09 Jun 2021
Virtual summit,
Diary dates
12 Jun 2021
Worldwide, Various,
Diary dates
13-14 Jun 2021
Online,
Diary dates
01-04 Jul 2021
Expo Centre & Riviera di Rimini, Italy
Diary dates
18-19 Sep 2021
Locations worldwide,
Diary dates
21-24 Sep 2021
Messe Stuttgart, Germany
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28-29 Sep 2021
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