Pure Gym to spend £50m on expansion

UK-based low-cost fitness operator Pure Gym has announced an investment of £50m in new sites following its takeover by US private equity firm CCMP Capital Advisors.

The acquisition was completed last week, in partnership with existing management.

Financial terms of the transaction were not disclosed, but a spokesperson for CCMP said the deal will support Pure Gym's aggressive expansion drive across the UK.

Pure Gym currently has 45 locations in the UK, and CCMP will now support a roll-out strategy which will include the opening of an additional 40 new gyms over the next 12 months, including 15 sites in London.

Thomas Walker, MD at CCMP's London affiliate, says: "We're delighted to be partnering with management to accelerate the growth of Pure Gym, an outstanding business with tremendous customer appeal.

"With Pure Gym's relatively low market penetration and the widespread appeal of a high-quality, low-cost fitness option, we believe there is a significant opportunity to expand Pure Gym aggressively across the UK."