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Basic-Fit hints Spanish Holmes Place clubs might be sold

Basic-Fit exploring disposal of Spanish Holmes Place clubs
The 42 McFits recently acquired will be rebranded as Basic-Fit
Memberships top four million for the first time in spite of 4 per cent monthly attrition
Revenues and EBITDA rise in Q1 2024
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£23,144 to £25,138pa
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There is speculation that Basic Fit will sell the five Spanish Holmes Place clubs it has just acquired from RSG Group in a 47-club deal.

In the Q1 trading update released today, Basic-Fit CEO, Rene Moos, said that while there are plans for the McFit clubs acquired in the €50m purchase, the future of the Holmes Place clubs is still under consideration. The high-end clubs were acquired by RSG Group, from the Fisher family, in 2021, and are not an ideal fit for the Basic-Fit portfolio.

“We are currently exploring the options for the five Holmes Place clubs,” said Moos. “In the coming quarters we will convert the 42 McFIT clubs to the Basic-Fit brand and integrate them into the Basic-Fit network. The acquisition strengthens our leading position in Spain, and we will continue with a high pace of expansion of our Spanish network in the coming years.”

The Spanish acquisition has given the Dutch low-cost operator an extra 100,000 members, taking it past the four million membership milestone and boosting Q1 memberships by 13 per cent, compared to the same period last year.

Revenue in the first quarter has increased by 16 per cent, to €284 million, compared with the same period last year. The average revenue per member per month has also increased, to at least €24.50. The contribution of the new clubs is not broken out, but it has clearly benfitted the portfolio.

Underlying EBITDA less rent was between €305 million and €330 million (2023: €261 million).

Moos says that going forward there will be a focus on improving the membership experience: “We continue to invest in the quality of the clubs, including the offering of massage chairs and extending the opening hours, including 24/7 clubs, especially in large cities.”

The largest fitness operator in Europe, Basic-Fit currently has more than 1,500 clubs in six countries and is aiming for 1,575 this year. In the 2023 year-end results, Moos spoke of plans to have between 3,000 and 3500 clubs by 2030.

To help growth in France, a new management structure has been implemented, separating the responsibilities for expansion and the existing club network. The company has also mentioned franchising as an option to take the brand to other continents.

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There is speculation that Basic Fit will sell the five Spanish Holmes Place clubs it has just acquired from RSG Group in a 47-club deal.

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