The Gym Group completes purchase of 13 easyGym branches

The Gym Group confirmed the completion of its acquisition of 13 branches of easyGym on Thursday, having initially announced the purchase on 13 June.

The recently-listed health club chain said at the time that the acquisition was for an initial cash consideration of £20.6m, with an additional £4.1m payable when lease extensions were agreed on two sites.

It said the acquisition was being part-funded by an equity placing to raise gross proceeds of £24m, and from its banking facilities which were being extended by £10m as part of the transaction.

“The easyGym portfolio of 13 well invested gyms is highly complementary to our existing estate,” said chief executive officer John Treharne at the time of the initial announcement.

“We are confident they will integrate quickly and easily into our existing business.”