easyGym plots London openings after management buyout

The easyGym budget fitness chain is set to be resurrected a year after most branches were sold, with plans for 50 new sites in London and hundreds overseas after a management buy-out.

The firm’s IT systems and brand name, launched by easyJet founder Sir Stelios Haji-Ioannou in 2011, have been sold for an undisclosed sum to a consortium led by chief executive Paul Lorimer-Wing.

Backed by other directors and private investors, the purchase is from private equity firm Argosy Capital which sold 13 sites, the bulk of the estate, to rival The Gym Group in June 2018.

Lorimer-Wing told the Evening Standard: “I believe there is so much growth potential for easyGym. We can offer membership from £20 per month, and customers can pay as they go for extras such as classes and health foods.”

The group is seeking franchise partners that will use the easyGym brand and operate sites. The company will get a licence fee and a share of annual revenues.