Pure Gym retracts plans for IPO due to ‘challenging market conditions’

Pure Gym, the Leeds-headquartered gym operator, has announced that it will not proceed with an Initial Public Offering.

Having announced its Intention to Float on 14 September 2016, Pure Gym is set to withdraw pursuing a listing in this period of market volatility as it is not in the long-term interests of the company and its stakeholders.

Humphrey Cobbold, chief executive officer of Pure Gym, said: “Given the challenging IPO market conditions, the Board has decided not to proceed with a listing despite the strong interest shown by potential investors.

“Pure Gym’s excellent growth track record and market leading position give us a solid platform for further expansion in the attractive gym market.

This year alone we have opened 35 new Pure Gyms and had over 150,000 new members join.

“Current trading is strong giving us further confidence that we can capitalise on the significant market opportunity and encourage even more people to become fitter and healthier.”

Founded in 2008, the company is the largest gym operator in the £4.4bn UK health and fitness club market by both number of gyms (163 as at 30 June 2016 including 40 gyms within the M25) and number of members (785,770 as at 30 June 2016).

Pure Gym established itself as the UK’s largest gym operator after completing the acquisition of LA Fitness and its 43 fitness clubs in 2015.

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