Bidders are lining up for the auction of budget fitness group Pure Gym, after the business plumped for a sale instead of an IPO.
Buyout firm KKR is understood to be one of those preparing offers for the chain. The deadline is currently set for Thursday next week.
The company had previously planned to float on the stock market, but pulled the plug on its ambitions last year. This left rival The Gym Group as the only listed gym company in London.
Since then, private equity investors have been circling the firm, and several are now ready to make an offer.
CCMP Capital Advisors, the largest shareholder in Pure Gym, has appointed Harris Williams and Jefferies to field offers for an auction expected to close by the end of the year.
The auction comes at time of increased gym usage in the UK gym, but it is also a period of transition in the industry, with the multitude of brands beginning to either absorb each other or splinter.
Pure Gym has expanded swiftly since 2013, now operating a total of over 158 sites and 850,000 members, making it the biggest gym operator in the UK.
Pure Gym declined to comment on the auction.