Sep 2, 2020
Gym Group targets empty retail sites
Gym Group, the budget gym operator, is planning to snap up sites left empty by distressed retailers despite falling to a £27m loss while its estate was closed during the lockdown period. Gym Group lost 233,000 members during the lockdown period and revenues in the first half of the year were £37.3m, about half of what they were between January and June 2019. Since reopening, Gym Group said it had increased its membership base from 658,000 to 676,000, although 37,000 of those were previous members who had put their subscription on hold during lockdown. Gym Group and its rival, the private equity backed PureGym, are both pushing to increase market share as consumers trade down from more expensive gyms. Gym Group has reduced its net debt by cutting capital expenditure and raising almost £40m in fresh equity in April.
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