The Gym Group has tapped investors for more than £31m to fund its expansion.
The company, which has 187 no-contract gyms that are open 24 hours a day, seven days a week, sold 11.35m new shares for 275p each.
The £31.2m raised by the share placing will pay for the opening of 40 new sites over the next 18 months.
Bosses said the impact of Covid-19 on the property market has provided a ‘unique opportunity’ to buy new sites on ‘favourable commercial terms’.
Chief executive Richard Darwin said: ‘Our new gym pipeline is the strongest it has ever been and we thank shareholders for their support in today’s successful placing which allows the company to accelerate its rollout to 40 new sites over the next 18 months.
‘Gyms have an essential role to play in the nation’s physical and mental health and growing our portfolio will widen access to affordable fitness for more communities across the UK.’
The Gym Group was founded in 2008 by John Treharne, a former England squash player, and floated in 2015.
Shares fell 0.5 per cent, or 1.5p, to 283.5p.
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