PureGym has bid US$105m for the majority of the assets of US-based Blink Fitness. The US gym chain recently filed for protection under Chapter 11 bankruptcy.
A subsidiary of the UK-headquartered PureGym Ltd, Pinnacle Holdings US entered into an asset purchase agreement (APA) with Blink Fitness.
The APA includes Blink’s corporate operations and most of its gym locations. Of the 89 Blink sites in the US, the majority are in New York (53) and in New Jersey (13).
Blink Fitness launched in 2010 and promotes affordable membership.
PureGym CEO, Humphrey Cobbold, said “We have submitted a bid for a substantial portion of Blink Fitness’ assets and are pleased to have secured ‘stalking horse’ status signifying our commitment and intent.”
The APA is subject to court approval.
Cobbold said if successful in its bid, PureGym plans to invest further in the Blink sites to upgrade facilities as part of its strategic expansion into the US market.
At the end of FY24, Pure Gym had 387 gyms in the UK, 161 in Denmark, 45 gyms in Switzerland, three in the US.
PureGym is actively franchising in the Middle East where it operates 20 gyms and is looking for partners in other markets. In the US PureGym is franchising its PureFitness brand.
