Pure Gym, the UK’s leading gym operator, has shelved plans to sell shares on the stock exchange.
The company had announced its intention to float on the stock market back in September.
When companies sell shares for the first time it is known as an initial public offering (IPO).
But the board has decided that pursuing a listing in this period of market volatility is not in the long-term interests of the Company and its stakeholders.
Humphrey Cobbold, Chief Executive Officer of Pure Gym, said: “Given the challenging IPO market conditions, the board has decided not to proceed with a listing despite the strong interest shown by potential investors.
“Pure Gym’s excellent growth track record and market leading position give us a solid platform for further expansion in the attractive gym market.
“This year alone we have opened 35 new Pure Gyms, 18 sites which were conversions of previously acquired LA Fitness gyms, and had over 150,000 new members join.
“Current trading is strong giving us further confidence that we can capitalise on the significant market opportunity and encourage even more people to become fitter and healthier.”
Pure Gym provides low-cost and high-quality fitness facilities for over 820,000 members spread across 169 sites and was launched in 2008.
Members pay monthly and have no contract commitment and ost of its gyms are open 24 hours a day across the UK.
In May 2013 funds affiliated with CCMP Capital Advisors, LLC bought a majority stake in the business.
