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Core Health & Fitness
Core Health & Fitness
Core Health & Fitness
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

Pure Gym negotiates additional £150m liquidity

This additional £150m of new capital boosts the total liquidity to which the business has access to £297.0m and will act as a substantial buffer to both handle any further enforced closures and continue our expansion
– Humphrey Cobbold

PureGym has secured a £100m cash injection from shareholders to help deal with both the opportunities and threats posed by COVID-19. The move takes its borrowings to around £480m.

The budget operator said the additional cash – mainly from Leonard Green Partners – will be used to bolster its balance sheet so it can continue to develop and open new gyms when the right opportunities arise.

Pure Gym has also agreed to increase commitments under its revolving credit facility by £50m.

"This additional £150m of new capital boosts the total liquidity to which the business has access to £297m and will act as a substantial buffer to both handle any further enforced closures and continue our expansion," said CEO Humphrey Cobbold.

"Health and wellbeing have never been more important, and our scale and affordable, accessible proposition position us well to improve the health of people in all the countries where we operate," he said.

Earlier this year, Pure Gym said that, while Q2 performance had been "significantly impacted by COVID-19 closures", its swift management action and geographical diversity protected liquidity and cashflow.

Kris Galashan, Partner at Leonard Green Partners, said: "The management team at PureGym did an outstanding job guiding the business through unprecedented market conditions. This journey has underscored the business’s ability to withstand an extreme market shock.

"The PureGym Group is emerging as one of a handful of fitness businesses with global reach, sophisticated technology and yield management capability.

"The pandemic has reinforced the trend to health and the PureGym Group is excellently placed to provide facilities and services that benefit members and, in turn, societies. We are proud to be increasing our investment and playing our part at this challenging time and we look forward to supporting the business through its ongoing growth and expansion.”

Sign up here to get HCM's weekly ezine and every issue of HCM magazine free on digital.
PureGym has secured a £100m cash injection from shareholders to help deal with both the opportunities and threats posed by COVID-19.
HAF,FIT,IND,PTS
2020/THUMB346240_559777_139038.jpg
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News

Pure Gym negotiates additional £150m liquidity

This additional £150m of new capital boosts the total liquidity to which the business has access to £297.0m and will act as a substantial buffer to both handle any further enforced closures and continue our expansion
– Humphrey Cobbold

PureGym has secured a £100m cash injection from shareholders to help deal with both the opportunities and threats posed by COVID-19. The move takes its borrowings to around £480m.

The budget operator said the additional cash – mainly from Leonard Green Partners – will be used to bolster its balance sheet so it can continue to develop and open new gyms when the right opportunities arise.

Pure Gym has also agreed to increase commitments under its revolving credit facility by £50m.

"This additional £150m of new capital boosts the total liquidity to which the business has access to £297m and will act as a substantial buffer to both handle any further enforced closures and continue our expansion," said CEO Humphrey Cobbold.

"Health and wellbeing have never been more important, and our scale and affordable, accessible proposition position us well to improve the health of people in all the countries where we operate," he said.

Earlier this year, Pure Gym said that, while Q2 performance had been "significantly impacted by COVID-19 closures", its swift management action and geographical diversity protected liquidity and cashflow.

Kris Galashan, Partner at Leonard Green Partners, said: "The management team at PureGym did an outstanding job guiding the business through unprecedented market conditions. This journey has underscored the business’s ability to withstand an extreme market shock.

"The PureGym Group is emerging as one of a handful of fitness businesses with global reach, sophisticated technology and yield management capability.

"The pandemic has reinforced the trend to health and the PureGym Group is excellently placed to provide facilities and services that benefit members and, in turn, societies. We are proud to be increasing our investment and playing our part at this challenging time and we look forward to supporting the business through its ongoing growth and expansion.”

Sign up here to get HCM's weekly ezine and every issue of HCM magazine free on digital.
PureGym has secured a £100m cash injection from shareholders to help deal with both the opportunities and threats posed by COVID-19.
HAF,FIT,IND,PTS
2020/THUMB346240_559777_139038.jpg

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An online fitness community, created by personal trainer and social media influencer, Talilla Henchoz, during
Two functional fitness franchises are continuing their legal battle over a dispute relating to patents.
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Chancellor Rishi Sunak's proposals to support the economy through the next six months of the
The UK government's 'Rule of Six' has come into force in physical activity facilities today
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More than 100 sport and physical activity bodies have sent a letter to UK Prime
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Talking point
Gym operators in the UK can now open on the high street, without planning permission, thanks to changes in legislation. What impact will this have on the industry? Kath Hudson reports
Features
Supplier showcase
Prestigious estate, Stoke Park, has invested in a new fitness technology upgrade by Matrix
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Five months after the start of lockdown, Leisure-net did a survey to gauge how public sector operators and industry suppliers are faring
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Opinion
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The pandemic has thrown a new focus on health, with sales of body composition analysis equipment at an all-time high, as InBody’s Francesca Cooper explains.
Opinion: Gyms add body composition analysis and health screening to their offering following pandemic
Featured supplier news
Featured supplier: Supercharge your efforts to attract and retain members with Keepme
Keepme is an AI revenue acceleration platform created for the fitness industry. Blending Artificial Intelligence, operational tools, and a unique automations engine, Keepme supercharges and streamlines effort to attract, retain, and re-engage members.
Featured supplier news
Featured supplier: Premier Software Solutions offers scalable software for single or multi-site businesses
Premier Software Solutions' flagship business management system, Core by Premier Software, is the leading single and multi-site solution designed specifically for the spa, wellness and leisure industries.
Video Gallery
A new Zone is here
MyZone Group Ltd
A new zone is here for your club, for your members and for you. Read more
More videos:
Company profiles
Company profile: Keiser UK Ltd
Keiser began its history of visionary sports science leadership over 40 years ago, rejecting the ...
Company profiles
Company profile: BLK BOX
The BLK BOX product range is built for athletes by athletes, includes modular storage systems, ...
Catalogue Gallery
Click on a catalogue to view it online
Directory
Spa software
SpaBooker: Spa software
Independent service & maintenance
Servicesport UK Limited: Independent service & maintenance
Flooring
Total Vibration Solutions / TVS Sports Surfaces: Flooring
Wearable technology solutions
MyZone: Wearable technology solutions
Lockers/interior design
Crown Sports Lockers: Lockers/interior design
Management software
fibodo Limited: Management software
Gym flooring
REGUPOL/Berleburger Schaumstoffwerk (BSW): Gym flooring
Trade associations
International SPA Association - iSPA: Trade associations
Software
Volution.fit: Software
Red Light Therapy
 Red Light Rising: Red Light Therapy
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11 - 25 Union St, London SE1 1SD
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Waltham Abbey, Essex
Lee Valley Regional Park Authority
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Diary dates
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Online, Singapore, Singapore
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Core Health & Fitness
Core Health & Fitness