Puregym bulks up in US market as membership soars
UK-based gym operator Puregym is set to expand into the US after a bumper 2024.
The firm increased revenue by 10 per cent to £605m as membership soared.
The British gym franchise ended 2024 with 2.25m customers, adding 400k in the last year – a jump of 21 per cent. The group’s total gyms rose 13 per cent to 680.
Earnings grew ten per cent from 2023, smashing £256m.
The $121m (£90m) acquisition of Blink Fitness assets in New York expanded Puregym’s offering to the US markets, bringing 56 gyms under its operations.
The firm launched 105 new gyms throughout the year, including those obtained in the acquisition and three new franchise gyms in the Middle East.
Clive Chesser, the company’s chief executive, said the gym operator employs different strategies to tailor to individual market needs.
“Market conditions for the consumer continue to be challenging in many of our markets. Our proposition – to provide a boutique fitness experience at a value gym price – is appealing in these market conditions and demonstrates why the value gym sector continues to thrive,” Chesser said.
Chesser eying further expansion
The group’s boss has sights set on 300 new venues across the UK, as well as wider expansion into Europe.
He added: “The USA, where we now have critical mass, represents a tremendous opportunity for PureGym.
“The integration is well underway, following which our focus will turn to growth, both through opening our own sites or with franchise partners.”
Chesser was previously the chief executive of Punch Pubs & Co and joined PureGym in November 2024.
Following his appointment, Chesser said: “[Puregym] is truly a great British success story” and pledged to help the business succeed “both domestically and internationally”.
Chesser replaced former boss Humphrey Cobbold, who had led the firm since January 2015. Cobbold became the company’s new chair.