The low-cost gym chain, which has a licence agreement with Sir Stelios Haji-Ioannou of easyJet to use the “easy” brand, plans to expand to 30 clubs in the capital over the next four years, up from four at present.
easyGym was started in 2010 by four financiers, including chief executive Paul Lorimer-Wing and Jonathan Bond, son of Sir John Bond, the former chairman of mining giant Xstrata.
The chain has clubs in Birmingham and Cardiff, but London will be the main battleground as it targets cost-conscious fitness enthusiasts looking to avoid pricey monthly contracts.
The operator, backed by Isle of Man-based Argosy Capital and several Middle Eastern investors, recently opened a gym on an Oxford Street site previously owned by Virgin Active. easyGym removes expensive “wet areas” such as pools and utilises the space available with equipment such as treadmills.
Although the “easy” brand is associated with low fares, Mr Lorimer-Wing said that easyGym, with prices starting from £15.99 a month, is pitched higher than budget operators such as The Gym and Pure Gym, and is likely to gain share in the mid-market, where chains such as Fitness First operate.
Each club requires an investment “north of £1m”, Mr Lorimer-Wing said, implying the group is likely to spend more than £26m expanding in the capital.
Daily Telegraph