Gym Group targets sites ‘hurt’ by retail turmoil for growth
Low-cost fitness operator The Gym Group is eyeing locations “hurt” by the continuing uncertainty in the UK’s retail and restaurant sectors, as part of its plans for rapid expansion.
During 2018 the group has expanded into supermarkets looking to downsize, redundant vacant retail space and shopping centres.
Its new sites typically range from between 10,000 and 20,000 sq ft and usually form part of office, mixed-use, retail or existing leisure locations.
Low-cost fitness operator The Gym Group is eyeing locations “hurt” by the continuing uncertainty in the UK’s retail and restaurant sectors, as part of its plans for rapid expansion.
During 2018 the group has expanded into supermarkets looking to downsize, redundant vacant retail space and shopping centres.
Its new sites typically range from between 10,000 and 20,000 sq ft and usually form part of office, mixed-use, retail or existing leisure locations.
The Gym Group, which is targeting 15-20 launches during 2018, has exchanged contracts on nine sites in locations including Hove, Carlisle, Northampton and Telford so far this year.
Other launches in the fourth quarter of 2018, following fit-out and refurbishment work, will include sites in Ilford, Southampton, Edinburgh and Worthing.
The company added that London “remains a key focus for the business”, with sites set to open imminently in several locations including Stepney Green, Monument and Bexley.
Jonathan Spaven, property director at The Gym Group, said: “With our long-term expansion plans and a solid covenant backed up by good trading performances, we are keen to talk to landlords who have been hurt by the current demise in the retail and restaurant sector.
“With relatively low debt and ample funds for expansion, we are well positioned to continue to rapidly grow our footprint across the UK.”
The deals have meant the company’s site count now exceeds 150 in the UK, increasing by more than 57% on its 95 sites at the end of H1 2017.
The group has expanded with 22 new and acquired sites altogether in the first three quarters of the year, including its purchase of 13 easyGym sites in July.
The Gym Group said its expansion plans “are set to continue apace next year and the company expects to add further sites across the country in 2019”.
The company works with landlords including Legal & General, Hammerson, Landsec, M&G Investments, AXA and St Modwen Properties.
To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette
