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26 June - 9 July 2018 Issue 739
The Gym Group buys most of easyGym The Gym Group is to buy 13 sites from easyGym in a deal worth £20.6m, with an additional £4.1m being paid once lease extensions are agreed on two of the sites. EasyGym currently has 16 locations, with another under development. Speaking to Health Club Management magazine in March this year, easyGym CEO Paul Lorimer-Wing announced the company would pivot to a franchise model and target overseas expansion, with the aim of being in 10 countries by 2020 saying: "Through franchising, we want easyGym to become the leading big box, low-cost gym
■■easyGym will be left with four
brand in the world by number of countries.”
UK sites following the deal
The Gym Group acquisition will be partfunded by a £24m equity placing and part
in the low-cost market in London and
from the company’s banking facilities, with
extending our spread across the UK.
the deal expected to complete by 20 July.
“This acquisition accelerates our
Gym Group CEO John Treharne said:
expansion plans for 2018, as we
“The easyGym portfolio of 13 well-invested
advance towards our goal of 200
gyms is highly complementary to our
gyms by 2020,” he concluded. Eight of the sites are in London, with the
existing estate. We’re confident they will integrate quickly and easily into our
remainder around the country.
business while enhancing our position
More: http://lei.sr?a=3u2F3_O
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