Health and fitness operators could be losing out on millions of pounds worth of revenue, research claims.

By failing to offer customers the option to pay in cash, operators could be losing almost £405m a month, according to findings from the Post Office.

Almost six million UK households use cash or cheques to pay their bills, either through choice or lack of access to banking services.

But many health clubs are excluding these people by limiting payment to direct debit only, said Post Office marketing director Gary Hockey-Morley: “Failing to offer a cash payment channel means that businesses are restricting the size of their potential market."

There are 2.8 million UK adults (1.9 million households) without a bank account who rely on cash payment methods to pay their bills. A further six million people with bank accounts (four million households) actually prefer to choose cash over direct debit to pay their bills. Combined, these people represent 14.6 per cent of the UK population.

With an average gym subscription costing £46 per month, this equates to a potential £404.8 million in lost sales per month for gyms and health clubs who fail to accept cash or cheques.

With 99 per cent of people living within three miles of a branch, Hockey-Morley says the Post Office is a viable alternative for people who choose to pay their bills in cash and ensures that companies are socially inclusive in offering their services to people without bank accounts.