Pure Gym, the fitness club operator that was forced to abort plans for a stock market listing last year, is gearing up for a £500m sale.
The chain’s owner CCMP Capital Advisors is in talks with banks to begin a formal review of its options, Sky News reported yesterday.
A source close to the gym chain said that another attempt to list on the stock market was “not totally out of the question”.
A sale of the business would bring a windfall for six-time Olympics gold medallist Sir Chris Hoy who is an investor in the business.
In March, Pure Gym reported revenue and earnings grew in the year to 31 December 2016, as it increased the number of fitness clubs it owns to 170.
Revenue increased by 28 per cent to £159.9m from £125.2m in 2015.
Group earnings before interest, tax, depreciation and amortisation rose by 41 per cent to £39.5m from £28m.
The budget gym firm grew customer numbers by 23 per cent, and now has 822,000 members, compared with 670,000.
It also increased the number of clubs trading as Pure Gym to 170 from just over 130.