Gym Group PLC (The) Partnership with Fiit
March 31 2020 - 2:00AM
RNS Non-Regulatory
TIDMGYM
Gym Group PLC (The)
31 March 2020
31 March 2020
The Gym Group
Partnership with Fiit enables members to exercise in gym and at
home
The Gym Group plc ("the Company" or "TGG"), the nationwide
operator of 179 low cost 24/7, no contract gyms, today announces
the launch of an exciting new on-demand fitness product for its
members.
This landmark partnership in the UK fitness industry, brings
together physical and on-demand offerings, combining the highest
rated fitness app in the app store* from Fiit Limited ("Fiit") with
the UK's best value 24/7 gym. In conjunction with the partnership,
which aims to increase the availability of affordable fitness to
all, TGG has also made a small investment** in Fiit, in early
February this year.
Founded in 2017, Fiit provides a range of interactive fitness
classes for people of all levels to enjoy, anytime, from the
comfort of their own home. Fiit uses a wearable fitness tracking
device to provide the user with live stats on calories, heart rate
and reps. It also hosts the UK's only live leaderboard HIIT
classes, allowing users to join scheduled classes throughout the
day and compete against friends, family and other users. The unique
'Fiit points' system allows people to compete based on effort
rather than fitness level, enabling users of all abilities to enjoy
the competition together.
In addition to giving its members access to the Fiit product for
use at home, TGG will also be trialling virtual classes within
custom-built Fiit studios and pods in a small number of its gyms.
Studies show that on-demand fitness is complementary to gym
membership and makes subscribers more likely to join a gym***.
TGG will be making the app available to all its members for a
discounted price, initially GBP7.99 per month, after a 14-day free
trial period. With most of the UK population currently at home due
to COVID-19 and looking for new ways to exercise, Fiit offers huge
variety, with over 500 classes available, from yoga to HIIT to
strength and conditioning, with new classes released every week.
Furthermore, they can choose from a range of training plans
depending on their fitness goal as well as track their progress
over time, using results from the connected fitness tracker.
This strategic partnership will support both businesses in
providing members with a multi-channel fitness experience, allowing
them to exercise on their terms, however they want, whenever they
want.
Richard Darwin, CEO of The Gym Group commented:
"The launch of this innovative new product enhances and delivers
a best in class fitness offer for our members. Even before the
outbreak of COVID-19 we had recognised the unique service that Fiit
provides, both at home and in our gyms. We look forward to a
fruitful and long-term partnership."
Daniel Shellard, CEO and Co-Founder of Fiit Limited
commented:
"As part of our mission to make fitness a habit for everybody,
partnering with the UK's leading low-cost gym operator made perfect
sense. It will allow us to bring our excellent fitness instructors
and addictive workouts to The Gym Group's large membership base. We
developed Fiit to provide a unique, low-cost, on demand offer and
this partnership and investment from The Gym Group will give us the
platform for further rapid growth."
For further information, please contact:
The Gym Group: Via Instinctif Partners
Richard Darwin, CEO
Mark George, CFO
Instinctif Partners:
Matthew Smallwood, Justine Warren 020 7457 2020
*Apple App Store as at 25/03/2020
**Investment total: GBP1million
***Data from L.E.K. Digital Health and Consumer Survey (November
2018)
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
NRAURUNRRRUOOAR
(END) Dow Jones Newswires
March 31, 2020 02:00 ET (06:00 GMT)
The Gym (LSE:GYM)
Historical Stock Chart
From Mar 2024 to Apr 2024
The Gym (LSE:GYM)
Historical Stock Chart
From Apr 2023 to Apr 2024