26th Aug 2021 11:00
(Alliance News) - PureGym Ltd on Thursday confirmed it has named advisers for a potential stock market float as it eyes capitalising on "growth opportunities" with lockdown measures easing.
PureGym operates over 500 gyms across the UK, Denmark and Switzerland. Its whole estate has now reopened since lockdown measures have eased.
A spokesperson for the Leeds-based company confirmed it has appointed Morgan Stanley and Barclays as lead advisers and RBC, Jefferies and Berenberg as bookrunners, as the gym chain mulls an initial public offering. The Financial Times reported the appointments earlier on Thursday.
Back in July, PureGym said it was in the early stages of considering options for raising equity, which includes a potential listing in public markets.
The company on Thursday said it was "exploring capital raising options to take advantage of growth opportunities & potential deleveraging".
It also posted a sharp second quarter revenue hike to GBP83 million from GBP14 million a year prior. It narrowed its loss from continuing operations to GBP37.4 million from GBP69.5 million a year earlier.
"The group opened 15 new gyms in the first half of 2021 including 13 in the UK with memberships in these gyms growing faster on average than new gyms opened before the pandemic. The group has plans to open a further dozen sites in the second half of the year across the UK. The group is aiming to accelerate expansion in 2022," PureGym added.
Rival chain Gym Group PLC listed in London back in 2015, with a market capitalisation of GBP250 million. It is now valued at GBP504.3 million.
By Eric Cunha; [email protected]
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