Bidders line up with offers for Pure Gym

Bidders have reportedly tabled offers for the UK’s biggest Health and Fitness group Pure Gym after the deadline closed on Thursday (21 September).

KKR is among a group of investors interested in what is believed to be “a £600m-plus [US$808.5m, €684m] auction” of the fitness chain, according to Sky News.

The potential sale of Pure Gym, which has 180 clubs nationwide, comes a year after the company abandoned an initial public offering (IPO).

In September 2016, Humphrey Cobbold, Pure Gym chief executive, said the operator was “ready to become a listed company” and that it would be using the IPO to raise £190m (US$237m, €220.6m). However, a month later Cobbold told Health Club Management that it had withdrawn its plans due to challenging market conditions.

The abandoned IPO cost the group £6.8m (US$8.48m, €7.9m).

US private equity firm CCMP Capital Advisors has been a controlling shareholder of the chain since 2013.

Pure Gym declined to comment.