Gym operator takes £72.6m revenue hit as restrictions limit trading
A national gym operator has announced that its revenue for the past year has dropped by nearly 50 per cent.
The Gym Group, which operates 184 venues across the UK, saw total revenue drop £72.6m from £153.1m to £80.5m, with 45 per cent of trading days lost due to government restrictions.
Despite the lowered figures, the company has said that it is planning to continue with its expansion, opening three new sites “once there is greater visibility about a reopening date for gyms”.
Richard Darwin, CEO of The Gym Group, commented: “2020 has been a challenging year for our business, our members and our colleagues.
“Through the outstanding work of our team we provided a COVID-secure exercise environment for our members and demonstrated the resilience of our business model by trading profitably when gyms have been open.
“Our cash management during the pandemic has ensured we ended 2020 with manageable levels of debt and significant liquidity.
“At a time when health and fitness has never been more important to the nation, we are ready to emerge from the pandemic and take advantage of the many opportunities available to us.”
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