National budget gym chain FitSpace, has been acquired by the leisure operator GLL, which operates under the ‘Better’ brand.
The consolidation of all eight of FitSpace’s properties completed in December 2016, with leading real estate adviser, GVA acting on its behalf. This brings GLL’s current number of standalone gyms to 17.
FitSpace was the UK’s first low–cost gym brands, opening its first club in 2006. GLL acquired its entire portfolio of eight health and fitness clubs, which have a combined membership of over 20,000 and are situated in Bournemouth (12,500 sq ft), Bradford (20,468 sq ft), Holloway (9,311 sq ft), Lincoln (15,259 sq ft), Mitcham (17,500 sq ft), Nottingham (15,000 sq ft), Sheffield (20,672 sq ft) and Woolwich (17,388 sq ft).
Mark Sesnan, MD of GLL said: "The growing network of Better Gyms brings a fresh name to the high street and proves that a charity can compete very successfully with the private sector in leisure.
"Better still, instead of shareholders, it’s our customers that profit from our social enterprise. All our surpluses are reinvested into our facilities to help get people of all backgrounds, ages and communities more active, more often thus helping to address some of the deep-rooted problems in our society today, such as inactivity and child obesity.”
Gavin Brent, Managing Director of Retail, Hotels and Leisure at GVA comments: “Having worked with FitSpace since its inception over ten years ago and advised its leading investors throughout, I am delighted that we were able to have acted for them on this deal, which will see its eight gyms given a new lease of life under the Better Gym brand.”
For more information, please contact Gavin Brent at GVA on 020 7911 2228 or firstname.lastname@example.org