The Gym Group looks in good shape for expansion

The Gym Group could benefit if Brexit dampens consumer spending power, the boss of the budget fitness chain said on Thursday as he revealed a sales leap.

John Treharne, whose firm typically charges members £17 a month, said: “If Brexit has an adverse impact on the economy, we will inevitably see people pricing down their [expensive] gym memberships to more affordable ones.”

As Britons pursue New Year fitness goals, the 89-site chain said membership numbers surged 19.1% to 448,000 in 2016.

Full-year revenue increased 22.6% and the firm is on track to hit £8.8 million profit forecasts.

The Gym Group has secured sites for 17 new branches this year, including in Holborn, Streatham and Kingsbury.

Treharne said he was looking forward "to continued profitable progress in 2017".

But shares fell 5.39p to 194.86p amid City jitters over the pace of expansion.

Numis analyst Wyn Ellis said: “Structural growth opportunities for low-cost gym operators continue to be very promising.”