The Gym Group targets over 10 new sites in 2024
The Gym Group has said it is planning to open between 10 and 12 new sites in 2024, with the next phase of growth expected to deliver around 50 new gyms over a three-year period.
This comes as the group releases its full year results for 2023, a period during which it opened six new sites and refurbished over 100.
In 2023, The Gym Group saw revenue increase year-on-year by 18% to £204m, and made an adjusted pre-tax loss of £5.5m, unchanged from 2022.
The group also announced its three-fold growth plan for the next stage of development, which looks to increase returns from its existing estate, fund the acceleration of the rollout of new sites, and broaden growth by finding additional revenue streams.
In 2023, The Gym Group also appointed Will Orr as CEO and former MD of Premier Inn and current CEO of Away Resorts Simon Jones as non-executive director. Alison Sagar is also set to join the Company in March 2024 as chief commercial officer.
Will Orr said: “We have maintained positive momentum in revenue through the second half to deliver results that have offset cost inflation, in line with our guidance. With a strong start to 2024, and clear signs that demand for health and fitness has never been stronger, these are solid foundations on which to build our Next Chapter growth plan. Over the next three years, we aim to strengthen the performance of our core business and accelerate The Gym Group site rollout. There continues to be substantial headroom for low cost gyms in the UK and we are fully focused on our aim of making high value, low cost fitness even more accessible for all.”