Pure Gym builds financial muscle

An operator of four gyms across the UK is planning a rapid expansion to 20 sites after raising £6 million of venture capital.

Pure Gym secured £6 million from London-based Magenta Partners and intends to open an additional 16 gyms by next year. Its members pay roughly £16 a month for 24-hour access to facilities.

The investment by Magenta follows a round of £3.5 million from the company’s management team, led by CEO Peter Roberts, and private individuals in 2009.

Tom Matthews, a partner at Magenta, says, ‘Low-cost gyms represent the next phase of growth in the maturing UK health and fitness market… [attracting] new, more price-sensitive customers.’

Pure Gym’s current sites are in Leeds, Manchester, Edinburgh and Wolverhampton. A fifth, in Sheffield, is due to open shortly.

Nick Britton

Nick Britton

Nick was the Managing Editor for growthbusiness.co.uk when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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