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Bidders line up with offers for Pure Gym

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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 However, a month later Cobbold told Health Club Management that it had withdrawn its plans due to challenging market conditions.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.

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