Bridges Ventures sells Gym stake

Venture investor Bridges Ventures yesterday said it had sold a majority stake in low cost gymnasium chain The Gym Group to Phoenix Equity Partners. The sale, which is understood to be worth between £90m and £100m, represents a 3.7 times multiple for investors. Bridges will retain a 25 per cent stake in the company and a seat on the board. The Gym, which has 36 sites across the country and plans up to 30 more, offers low cost 24 hour gyms to people in under-served areas.