Pure Gym pushes ahead with float after post-Brexit vote delay

Britain's biggest gym chain has announced plans for a stock market float.

Pure Gym plans to raise £190m with a public share offer in October.

A flotation valuing the group at £500m had been expected to launch in June but a volatile market after the Brexit vote put much corporate activity on hold.

Founded in 2008, Pure Gym is now the biggest operator in the £4.4bn UK health and fitness club market.

It has 163 gyms and 786,000 members nationwide, boosted by its takeover last year of rival LA Fitness, and plans further expansion.

The group says it provides "affordable and flexible memberships to high quality gyms".

It says it has shaken up the previously "moribund" gym market which did not cater for tech-savvy users.

Pure Gym offers 24-hour access and does not tie users into lengthy contracts.

Chairman Tony Ball said: "Pure Gym's growth from a start-up company in 2008 to undisputed market leader today is a story of disruption and shows how entrepreneurial vision can build real business success."

Founder Peter Roberts opened the group's first sites in Manchester and Leeds in 2009.

Last year it saw annual revenues of £125m and underlying earnings of £28m.

Pure Gym tried to merge with The Gym Group in 2014 but the transaction was blocked by competition regulators, prompting the latter to float last year.

It is now looking to open 20 to 25 gyms a year.