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| Version 3 | Version 4 |
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| Pure Gym to buy rival LA Fitness | Pure Gym to buy rival LA Fitness |
| (about 3 hours later) | |
| Pure Gym, the UK's largest gym operator, has bought rival workout chain, LA Fitness. | Pure Gym, the UK's largest gym operator, has bought rival workout chain, LA Fitness. |
| Pure Gym has not disclosed the value of the takeover but it is around £60m-£80m, said a source close to the deal. | |
| LA Fitness and its 43 clubs, based predominantly in London and South East England, will add to Leeds-based Pure Gym's 98 clubs. | LA Fitness and its 43 clubs, based predominantly in London and South East England, will add to Leeds-based Pure Gym's 98 clubs. |
| LA Fitness was taken over by its lenders in 2014, who then put the business up for sale. | LA Fitness was taken over by its lenders in 2014, who then put the business up for sale. |
| Pure Gym has grown considerably since opening its first sites in Leeds and Manchester in November 2009. | Pure Gym has grown considerably since opening its first sites in Leeds and Manchester in November 2009. |
| It plans to open 30 more gyms this year in addition to the clubs acquired from LA Fitness. | It plans to open 30 more gyms this year in addition to the clubs acquired from LA Fitness. |
| Mid-market operators such as LA Fitness have struggled to compete with Pure Gym and other budget chains. | Mid-market operators such as LA Fitness have struggled to compete with Pure Gym and other budget chains. |
| Competition | Competition |
| "Overall demand for affordable, high quality, and no-contract fitness centres is continuing to grow, served by a range of providers in a highly competitive marketplace," said Pure Gym chief executive Humphrey Cobbold. | "Overall demand for affordable, high quality, and no-contract fitness centres is continuing to grow, served by a range of providers in a highly competitive marketplace," said Pure Gym chief executive Humphrey Cobbold. |
| The LA Fitness takeover has been submitted to the Competition and Markets Authority for review, and may face some resistance from the regulator. | The LA Fitness takeover has been submitted to the Competition and Markets Authority for review, and may face some resistance from the regulator. |
| Pure Gym's attempted merger with discount rival The Gym Group last year was abandoned after its first application was blocked by the competition regulator. | Pure Gym's attempted merger with discount rival The Gym Group last year was abandoned after its first application was blocked by the competition regulator. |
| Pure Gym plans to spend money on refurbishment and rebrand most of the LA Fitness sites. | Pure Gym plans to spend money on refurbishment and rebrand most of the LA Fitness sites. |
| The acquisition ends "a period of uncertainty" for LA Fitness, according to Martin Long, its chief executive. | The acquisition ends "a period of uncertainty" for LA Fitness, according to Martin Long, its chief executive. |
| "We are pleased to have secured a new long-term owner in Pure Gym." | "We are pleased to have secured a new long-term owner in Pure Gym." |