Pure Gym, the low cost, no contract 24 hour gym, has renegotiated the terms of its £15m loan with Barclays, and has also secured a new £500,000 working capital facility.
The terms of the amended loan and new facility will provide Pure Gym with additional liquidity to support its expansion plans. Pure Gym has just opened its 34th site and plans to continue its nationwide roll-out, with 6 further gyms currently in development and a significant pipeline of good quality sites for 2013 and beyond.
Mike Delay, Relationship Director in Barclays Hospitality and Leisure team said: “Pure Gym is an award winning and market leading brand and concept, which has gone from strength to strength. The Pure Gym team has tapped into a growing market - consumers want flexible training at their convenience, and do not want the traditional expense and restrictions from tied gym contracts. By understanding the industry and the business we have been able to provide Pure Gym with the support it needs as it looks to continue its growth and success.”
Adam Bellamy, Chief Financial Officer, Pure Gym said: “Pure Gym has grown rapidly in a short space of time and the Barclays relationship team have been very supportive in enabling us to achieve this growth. The team has a strong knowledge of the sector in which we operate and has developed a great understanding of our brand and our business, which I see as a crucial factor in enabling them to respond to our requirements and consistently make timely decisions. I am delighted that Barclays is a key partner in the Pure Gym success story and I’m looking forward to further developing that partnership as we continue to grow our business in the months and years to come.”
Barclays is an international financial services provider engaged in personal banking, credit cards, corporate and investment banking and wealth management with an extensive presence in Europe, the Americas, Africa and Asia. Barclays’ purpose is to help people achieve their ambitions – in the right way.
With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs approximately 135,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.
For further information about Barclays, please visit our website www.barclays.com.