BGF-backed Xercise4Less prepares for administration

PwC has been working with Xercise4Less to restructure the business. The health club company's investors put the business on the market two months ago, according to reports.

The company has released a filing announcing that they are preparing to appoint administrators.

From 2013 to 2016, BGF provided multiple rounds of investment to the company, most recently culminating in a £7.6m round of growth capital funding in February 2016. The funding was intended to help roll out an additional 15 to 20 gyms across the UK.

This news comes as gyms battle to reopen amid coronavirus-related restrictions.

The budget gym chain recorded losses of £10.4m on £40m revenues in the most recently available accounting year, according to Companies House filings.

Xercise4Less was founded in 2009 and is based in Leeds. It operates 52 gyms nationwide.

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• Topics
• Exits
• UK / Ireland
• Consumer
• BGF (Business Growth Fund)
• United Kingdom
• coronavirus