Fitness chain PureGym has fallen to a £214.6m pre-tax loss in 2020 after its sites were forced to close during the various coronavirus lockdowns.
The result compares with losses of £39.5m in 2019 and comes after revenues fell by 40% as UK gyms were shut for 44% of the year’s trading days.
But the Leeds-based group said the reaction to the reopening of 240 gyms across the UK since April 12 has been “excellent”, with tens of thousands of new joiners and over one million workouts in the first week.
It said this was similar to the levels seen pre-pandemic.
PureGym said it shed 12% of members in 2020, to 1.5m, which fell further to 1.4m by the end of March.
Humphrey Cobbold, chief executive of The PureGym Group, said: “Whilst the financial trading performance was frankly awful, that was out of our hands.
“Our cost control and cash management was exemplary and the actions we took and support received from governments, equity investors and debt providers gives us significant liquidity to not only survive, but importantly now also resume our strategy.
“We are without doubt a stronger business for having weathered the storm.”
He added: “We are more than satisfied with the recent reopening in England which included 10 brand new sites.
“Member response and new joiners support our view that underlying demand for gyms is strong.”
PureGym said that it ended the year with available liquidity of £236m and was not facing any further leverage or interest cover covenant tests until 2024.
It said a survey of members in March showed 91% were willing to return to the gym, and that it was well placed to take advantage of the greater awareness of the importance of physical fitness in the post-Covid world.
