Friday 22 June 2018 12:07 pm

Pure Gym buys Soho Gyms to bulk up London presence

Pure Gym has snapped up the 10-strong London Soho Gyms chain and will convert all the branches to the Pure format.

The addition of the Soho portfolio, which includes sites at Tower Hill and Farringdon, will bring the number of Pure sites in London up to 59.

Pure charges significantly less than Soho, with a rate of about £20 a month compared to £40 a month. The prices for Soho-branded gyms will not change initially, but will be reviewed on a site-by-site basis as each one is refurbished.

“We’re absolutely delighted to announce the acquisition of Soho Gyms and look forward to welcoming their members to Pure Gym," said Humphrey Cobbold.

"As the leading gym operator in the country and in the capital, this deal will clearly benefit our existing members as well as provide more affordable and flexible options to people across London."

Read more: How gyms are filling spaces left vacant by retailers and restaurants

Soho was founded by Jeremy Norman, a nightclub entrepreneur who established Heaven.

Managing director Michael Crockett said: "This transaction will give users of Soho Gyms access to the largest network of gyms in the UK. I’m confident that our members will benefit from the combination and that PureGym’s investment across the estate will further enhance the services our sites deliver.”

Last year Pure called off an IPO and opted for a sale to a US buyout firm, leaving its main rival The Gym Group as the only London-listed fitness business.

Read more: The Gym Group shares rise as £24m placing clears way for easyGym deal