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Health Club Management

Health Club Management

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UNITING THE WORLD OF FITNESS
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Health Club Management

Health Club Management

News

Soho Gyms feels the heat from low-cost chains

Aggressive low-cost operators and political uncertainty are putting pressure on London-based fitness chain, Soho Gyms, but its new site at Tower Hill – acquired from Fitness First - is trading well.

In its latest filing to Companies House, Soho Gym's parent company, Ovalhouse Ltd, reported that turnover dipped a little to £7.9m (US$10.4m, €8.8m) in 2016, down from £8.2m (US$10.8m, €9.1m) the previous year – a fall of 3.7 per cent.

The filing said: “Budget operators (particularly Pure Gym and The Gym Group) are being aggressive with offers such as no joining fees, plus the introduction of group exercise.”

The report goes on to add “political uncertainty is not helping the consumer or staff recruitment” and that the burden of costs is increasing “in particular with rents, wages and business rates”.

Despite 2016 being a “difficult year at a few gyms, the business as a whole is still trading well,” the report said.

Soho Gyms now operates 10 studios but profits after tax dropped 24 per cent to £449,633 (US$590,991, €499,512) last year, from £589,760 (US$775,172, €655,184) in 2015.

Membership numbers were up 1.3 per cent but gym membership income was down 2.5 per cent.

Last year, the group introduced a lower price point at its Farringdon branch, which it said proved “very successful" due to the high population of workers and students in the area. A monthly membership at Farringdon costs £44.99 (US$59.1, €50), whereas at Camden it costs £69.99 (US$92, €77.8).

The group also acquired a Fitness First site in Tower Hill, which has undergone refurbishment, helping numbers rise from “a low 700 members, well into four figures”. Tower Hill uses a similar pricing structure to the Farringdon site.

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Aggressive low-cost operators and political uncertainty are putting pressure on London- based fitness chain, Soho Gyms, but its new site at Tower Hill – acquired from Fitness First - is trading well.
HAF
THUMB22151_987103.jpg
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News

Soho Gyms feels the heat from low-cost chains

Aggressive low-cost operators and political uncertainty are putting pressure on London-based fitness chain, Soho Gyms, but its new site at Tower Hill – acquired from Fitness First - is trading well.

In its latest filing to Companies House, Soho Gym's parent company, Ovalhouse Ltd, reported that turnover dipped a little to £7.9m (US$10.4m, €8.8m) in 2016, down from £8.2m (US$10.8m, €9.1m) the previous year – a fall of 3.7 per cent.

The filing said: “Budget operators (particularly Pure Gym and The Gym Group) are being aggressive with offers such as no joining fees, plus the introduction of group exercise.”

The report goes on to add “political uncertainty is not helping the consumer or staff recruitment” and that the burden of costs is increasing “in particular with rents, wages and business rates”.

Despite 2016 being a “difficult year at a few gyms, the business as a whole is still trading well,” the report said.

Soho Gyms now operates 10 studios but profits after tax dropped 24 per cent to £449,633 (US$590,991, €499,512) last year, from £589,760 (US$775,172, €655,184) in 2015.

Membership numbers were up 1.3 per cent but gym membership income was down 2.5 per cent.

Last year, the group introduced a lower price point at its Farringdon branch, which it said proved “very successful" due to the high population of workers and students in the area. A monthly membership at Farringdon costs £44.99 (US$59.1, €50), whereas at Camden it costs £69.99 (US$92, €77.8).

The group also acquired a Fitness First site in Tower Hill, which has undergone refurbishment, helping numbers rise from “a low 700 members, well into four figures”. Tower Hill uses a similar pricing structure to the Farringdon site.

Sign up for FREE ezines & magazines
Aggressive low-cost operators and political uncertainty are putting pressure on London- based fitness chain, Soho Gyms, but its new site at Tower Hill – acquired from Fitness First - is trading well.
HAF
THUMB22151_987103.jpg

News

Technogym has announced the launch of live and on-demand classes. The new content will be
A number of gym operators are concerned that local lockdowns could come into effect in
Prime Minister Boris Johnson has announced that gyms may be able to reopen in a
UK consumer confidence has improved significantly since the beginning of the lockdown, with a fifth
The PGA Tour has recently bought 1,000 Whoop bands for its golfers, after PGA Tour
ukactive has announced that Active Uprising and the National Summit are going digital as part
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Physical activity levels in England have continued to fall from those recorded at the initial
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Fitness and athletic apparel firm Lululemon will acquire at-home fitness tech firm Mirror in a
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Incorpore and MoveGB are pleased to announce they have entered into a landmark partnership, combining
Gymbox has broken ranks and announced it will reopen all its gyms on 4 July,
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Gyms and health clubs in Northern Ireland have been given the green light to reopen
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Features
Statistics
88.9% of gym members are expected to return and group ex will be fastest to recover
Features
Supplier showcase
Working with Precor, Aberdeen Sports Village has undergone a £500k overhaul to strengthen the user experience and put digital connectivity at the core of its offering
Features
Reopening
David Lloyd Leisure has launched a raft of outdoor classes, including an enhanced role for its Battlebox concept, as Liz Terry reports
Features
Staff welfare
As staff and members prepare to return to the gym, Dr Dane Vishnubala gives advice to operators on gearing up to offer them mental health support
Features
Statistics
More than 65,000 people responded to a survey designed to gauge what members want and expect from the sector after lockdown, as Leisure-net’s Dave Monkhouse reports
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Opinion
The over-70s were treated as one homogenous group during the lockdown and advised to shield. Colin Milner, founder and CEO of the International Council on Active Aging says this is leading to an increase in ageism that the industry must fight to overcome
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The fitness industry has shown incredible flexibility during lockdown, pivoting to digital to keep people active. But as lockdowns end, we ask what impact the pandemic will have on facility provision
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Featured supplier: Incorpore and MoveGB ink groundbreaking partnership to transform corporate wellness offering
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Featured supplier news
Featured supplier: Fisikal chosen as tech partner for ‘JP4’; new health app from fitness expert, Jessie Pavelka
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Video Gallery
Temple Gym - Nautilus Equipment
Core Health & Fitness
Temple Gym - Nautilus Equipment Read more
More videos:
Company profiles
Company profile: Healthcheck Services Ltd
Here at Healthcheck Services, we want to empower you, your clients & your staff to ...
Company profiles
Company profile: Legend Club Management Systems (UK) Ltd
Legend provides the leading software solution for driving improvements in leisure operations. We deliver savings ...
Catalogue Gallery
Click on a catalogue to view it online
Directory
Flooring
Total Vibration Solutions / TVS Sports Surfaces: Flooring
Wearable technology solutions
MyZone: Wearable technology solutions
Exercise equipment
Star Trac / Core Health & Fitness: Exercise equipment
Independent service & maintenance
Servicesport UK Limited: Independent service & maintenance
Whole body cryotherapy
Zimmer MedizinSysteme GmbH / icelab: Whole body cryotherapy
Fitness software
Go Do.Fitness: Fitness software
Management software
Fisikal: Management software
Fitness equipment
TRX Training: Fitness equipment
Locking solutions
Monster Padlocks: Locking solutions
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SpaBooker: Spa software
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Greywell, Hampshire
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Eastwood Hall, Nottingham, United Kingdom
Diary dates
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