PureGym mulling IPO as gym usage rebounds
PureGym is considering reviving its plans for an initial public offering, as gyms across the UK rebound.
In an update to bondholders earlier today, seen by City PM, the no-frills gym chain said it was comparing its options for raising equity including, potentially, in the public markets.
It is understood that the fitness chain is still in the very early stages of considering its options.
A revived interest in fitness has spurred PureGym management to look at opening “many more” new gyms as well as investing further in their existing sites and digital technology.
PureGym, which operates sites in the UK, Denmark and Switzerland, says it is the second largest operator of gyms in Europe.
“Despite the extreme challenges the gyms and fitness sector has faced, the PureGym Group is well-positioned to take advantage of this post-pandemic recovery and the opportunities presented by competition having been weakened by the rigours of the last 18 months,” a spokesperson for PureGym told Bloomberg.
If the gym chain does decide to follow, it will not be its first time on the road to an IPO. In 2016 PureGym pulled out from its plans for a UK listing because of uncertainty in the markets in wake of the Brexit referendum.