Pure Gym ditches IPO plans due to market volatility

Pure Gym has ditched plans for an initial public offering.

The gym operator announced its intention to float back in September, saying it planned to raise gross proceeds of £190m.

However, it said in a statement on Tuesday that pursuing a listing “in this period of market volatility” was not in the long-term interests of the company and its stakeholders.

Chief executive Humphrey Cobbold said: “Given the challenging IPO market conditions, the board has decided not to proceed with a listing despite the strong interest shown by potential investors.

“Pure Gym’s excellent growth track record and market leading position give us a solid platform for further expansion in the attractive gym market. This year alone we have opened 35 new Pure Gyms1 and had over 150,000 new members join.”

The group said current trading is strong, giving it further confidence that it can capitalise on the significant market opportunity and encourage more people to become fitter and healthier.