The Gym Group memberships rise 28% as shift workers join
London’s army of shift workers who need to get their fitness fix in the dead of night or middle of the day has led to a surge in members for 24-hour, pay-as-you-go chain The Gym Group, its boss and founder has said.
John Treharne said that doctors and bus drivers who work unsociable hours were among the 83,000 new members who joined in 2015, a 28% increase on the previous year.
As at December 31, the group had 376,000 customers.
“Over 35% of our members had never been a gym member before. They want to be able to come in at any time,” Treharne added.
The group is now limbering up to expand its 74-strong estate of gyms.
Of 12 new sites scheduled to open in 2016, seven are in the capital, including Aldgate, Tooting and Peckham.
The company floated in November at 195p. Its shares were unchanged at 230p.
Analysts at Numis said: “We are holding our forecasts, which anticipate the company tripling its EBITDA over the next four years, and are upgrading our target price to 265p from 250p.
“Following recent strength, our recommendation moves to Add from Buy.”
