The Gym Group to open up to 8 ‘small box’ gyms in 2020
The Gym Group said on Tuesday that it expects to open between five and eight 'small box' format gyms next year, as it announced a new credit facility.
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The small box format openings will be in addition to the continued expansion of the company's standard format estate, which will continue to be rolled out at a rate of 15-20 new sites per year, it said.
The Gym Group also said it had entered into a new four-year, £70m revolving credit facility provided by HSBC, Natwest and Banco de Sabadell. It replaces the existing £60m facilities on improved terms and "will provide flexibility to execute the company’s strategy".
At 1320 GMT, the shares were down 1.5% at 261.50p.