PureGym said on 15 October that it had signed an agreement to acquire NonStop Gym, one of Switzerland's leading low-cost fitness businesses, for £235m, in a deal expected to complete on 2 November.
Why PureGym Limited is buying NonStop Gym (NSG)
NSG's network is concentrated in French- and Italian-speaking Switzerland, while PureGym's 49 Swiss clubs are mainly in German-speaking regions, giving the combined group a national footprint of more than 100 gyms by the end of 2026. PureGym plans to keep NSG's operating team and rebrand the sites as PureGym in due course. The company said the deal followed its 2024 purchase of Blink Fitness in the US and was part of its international growth strategy.
Deal terms and financing
PureGym is paying £235m. According to Health Club Management, the company put the price at 7.8 times NSG's run-rate adjusted EBITDA of £30m, and will fund it with £206m from its October bond issue and £29m of existing cash, lifting senior secured net leverage from 4.1x to 4.5x. NSG had revenue of £53m and adjusted EBITDA of £25m in the 12 months to June 2026, the same report said.
Regulatory approvals and timing
Completion is expected on 2 November 2026.
Market context
PureGym, headquartered in Leeds, operated more than 700 gyms with 2.4 million members across the UK, Denmark, Switzerland and the US at 30 June 2026, plus franchised sites in Saudi Arabia and the UAE. It is majority-owned by Leonard Green & Partners, and KKR became a significant minority investor in December 2021.
