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Exclusive: Pure Gym puts IPO on hold until AFTER referendum

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Despite several reports to the contrary, Pure Gym is not planning to list on the stock market before Britain’s 23 June EU referendum, Health Club Management understands.

Reports last week suggested the UK’s biggest gym chain would “brave the storm” of uncertainty around a potential 'Brexit' and go public in the lead up to the vote, hoping to capitalise on the lack of other IPOs competing for investors’ attention.

However, a well-placed source has dismissed these reports as “wildly inaccurate” and said no such listing is expected to take place until after the referendum. They noted that investor jitters ahead of what is expected to be a close vote means it makes more sense for the company to wait, with a view to riding an anticipated wave of investment in the event of a victory for the ‘In’ campaign.

Health Club Management reported in January, that Pure Gym was considering following its budget rival The Gym Group onto the stock market with a float worth £500m or more.

Having taken control of the gym chain three years ago, US private equity firm CCMP Capital Advisors hired the investment bank Rothschild to review options for cashing out on its investment, with investment banks Jefferies, JP Morgan, and Credit Suisse are reported to be handling plans for the IPO.

With 150 sites, Pure Gym is the UK’s largest gym chain and is currently in the process of converting the majority of the 42 clubs it bought from LA fitness last year for an estimated £70m. Pure Gym was recently named the 9th fastest growing private company in the UK, and is expected to open 35-40 sites (including the remaining LA fitness sites) during 2016.

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Despite several reports to the contrary, Pure Gym is not planning to list on the stock market before Britain’s 23 June EU referendum, Health Club Management understands.
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