PureGym secures £805m refinancing to support expansion

2nd October 2023 |

PureGym has completed a refinancing deal worth a total of £805m as the chain looks to continue its expansion.

The gym chain’s holding company, Pinnacle Bidco, has finalised terms for the offering of €380m (£330m) and £475m of secured notes, due in 2028.

This funding will be used to refinance existing loan notes which are due in 2025.

In addition, PureGym has agreed an increased senior credit facility of £175.5m (previously £145m) from a syndicate of banks including Barclays, RBC, Deutsche Bank, ING, and JP Morgan, taking the chain’s investor commitments to almost £1bn.

Humphrey Cobbold, CEO of PureGym Group, said: “We are delighted to have priced this
refinancing, one of the largest of its kind in the sector’s history. We view this as a huge vote of
confidence in PureGym, our recent trading, management team and strategy”.

He added: “Our £300 million of available liquidity is further underpinned by the 5-year extension of debt
maturities. This gives us a stabilised financial platform to confidently progress our investment focused
strategy of opening new gyms and ensuring we maintain the quality of our existing facilities. We
believe this refinancing gives us a distinct competitive advantage compared to more resource
constrained competitors. There is considerable demand for our affordable, flexible fitness proposition
and we have a plan to take this proposition to millions more people across our markets.”

PureGym currently has around 1.9 million members across over 550 sites across the UK, Europe, and Middle East.


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