Fitness chain Pure Gym has unveiled plans for a stock market flotation as it hailed the latest step in its journey from start-up to “undisputed market leader”.
The group – which counts Scottish track cycling legend Sir Chris Hoy among its investors – is aiming to raise £190 million from its initial public offering (IPO) to further seal its position as the biggest gym group in the UK’s £4.4 billion health and fitness market.
Pure Gym was founded in 2008 and now has 163 gyms and nearly 786,000 members nationwide, boosted by the takeover last year of rival LA Fitness.
The group now wants to roll out its affordable and flexible gym membership model further across the UK, while also looking at other areas of the fitness market and possible acquisitions.
Chairman Tony Ball said: “Pure Gym’s growth from a start-up company in 2008 to undisputed market leader today is a story of disruption and shows how entrepreneurial vision can build real business success.”
In 2014, the firm called off a planned £300m merger with rival Gym Group due to the prospect of a “protracted” investigation by the competition watchdog.