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Pure Gym to buy rival LA Fitness Pure Gym to buy rival LA Fitness
(34 minutes later)
Pure Gym, the UK's largest gym operator, has bought rival workout chain, LA Fitness.Pure Gym, the UK's largest gym operator, has bought rival workout chain, LA Fitness.
LA Fitness and its 43 clubs, based predominantly in London and South East England, will add to Leeds-based Pure Gym's 91 clubs. LA Fitness and its 43 clubs, based predominantly in London and South East England, will add to Leeds-based Pure Gym's 98 clubs.
LA Fitness was taken over by its lenders in 2014, who then put the business up for sale.LA Fitness was taken over by its lenders in 2014, who then put the business up for sale.
Pure Gym has grown considerably since opening its first sites in Leeds and Manchester in November 2009.Pure Gym has grown considerably since opening its first sites in Leeds and Manchester in November 2009.
It attempted to merge with discount rival, The Gym Group, last year but the deal was blocked by the competition regulator. It plans to open 30 more gyms this year in addition to the clubs acquired from LA Fitness.
Mid-market operators such as LA Fitness have struggled to compete with Pure Gym and other budget chains.
"Overall demand for affordable, high quality, and no-contract fitness centres is continuing to grow, served by a range of providers in a highly competitive market-place," said Pure Gym chief executive Humphrey Cobbold.
The LA Fitness takeover has been submitted to the Competition and Markets Authority for review.
It may face some resistance. Pure Gym's attempted merger with discount rival The Gym Group last year was blocked by the competition regulator.
Pure Gym plans to spend money on refurbishment and convert most of the LA Fitness sites into Pure Gyms.
The acquisition ends "a period of uncertainty" for LA Fitness, according to Martin Long, its chief executive. "We are pleased to have secured a new-long term owner in Pure Gym."