Gym Group PLC (The) The Gym Group Extends Pipeline with York Site
October 07 2020 - 2:00AM
RNS Non-Regulatory
TIDMGYM
Gym Group PLC (The)
07 October 2020
The Gym Group extends its 2021 pipeline with site in York
The Gym Group, the nationwide operator of 183 low cost, no
contract gyms, announces today that it has signed a 15-year lease
for a new gym in York which will open in Q1 2021.
Located on Foss Island Road and next to Halfords, the site was
previously a retail warehouse and has been vacant since 2018.
Importantly, it has onsite car parking and fits The Gym Group's
strict operational and financial criteria.
Once fitted out to The Gym Group's high specification with a
5,000 square foot mezzanine adding to the floorplate of 10,000
square feet, the gym will be a similar size to other sites in The
Gym Group's portfolio. Contract free membership is expected to be
in the range of GBP20 per month. It will create 12 jobs following
the investment of approximately GBP1.4m.
Oliver Tester, Head of Property acquisition said:
"York is a City where we have wanted to operate in for a long
time, but until now we have not been able to find the right site in
the right location with the appropriate deal. In agreeing this
lease, we have benefited from the rapidly changing dynamics of the
retail property market.
There remain many other key cities and towns similar to York
where we can locate a Gym Group site where landlords can benefit
from our strong covenant and our market leading position as the
strongest capitalised company in the sector. As we continue to
expand we look forward to extending our high quality, affordable
experience to thousands of new members at a time when fitness has
become ever more important in all our lives."
7 October 2020
Enquiries:
Instinctif Partners
Matthew Smallwood 020 7457 2005
Justine Warren 020 7457 2010
Jack Devoy 020 7427 1445
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