Thursday, October 22, 2020

East Mids gyms sold out of administration

Gyms in Nottingham, Chesterfield and Mansfield have been sold, and jobs saved, as Wright Leisure Topco Limited and its subsidiaries Xercise4Less (the X4L Group) have been sold out of administration to a subsidiary of JD Sports Gyms Limited (JDG).

The transaction included the vast majority of the business and assets of the X4L Group, with 50 gyms included in the sale. A gym in Wakefield was the only gym not included in the sale.

All existing employees have transferred across to the new business.

Toby Underwood and Rob Lewis of PwC were appointed joint administrators with effect from 22nd July 2020. The joint administrators were advised by Andy Bates and Jonathan Jackson of Addleshaw Goddard.

Toby Underwood, joint administrator and PwC partner, said: “The businesses had been facing financial difficulties caused by an increasingly competitive market, which was exacerbated by Covid-19. Following our appointment, we immediately completed a sales process that had been running for some time.

“This sale puts the ongoing business on a firmer financial footing and JDG will be working with the existing team to continue to grow and develop the new business.

“We are delighted that, in these extremely challenging circumstances, all employees have transferred to the purchaser.”

Alun Peacock, Managing Director of JD Sports Gyms, said: “We are delighted to have completed this acquisition which enhances our position in the highly competitive gym market and which will ensure the continued employment of many hundreds of people. We look forward to re-opening the gyms and welcoming our new colleagues and members, over the coming weeks.”

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