The Gym Group reveals Rio Ferdinand is joining its board ‘to help shape growth and strategy’

The Gym Group has revealed that Rio Ferdinand is to join the budget fitness giant as a non executive director.

Boss Richard Darwin told the Standard the former Manchester United footballer “brings a lot”. He stressed that “this is not an ambassadorial role” and that Ferdinand “is joining the Board so that he can help shape our growth and strategy”.

It is the latest business move for the former England centre-back, who has invested in property ventures and lifestyle brands.  Ferdinand said he was attracted to the company’s “inclusive culture” and low prices helping to break down barriers to fitness, and that he “looks forward to contributing as a director to the next stage of growth”.

The company also revealed the appointment of Wais Shaifta, former JustEat exec and current Push Doctor boss, as a non executive director.

It came as the firm, which has 184 gyms around the UK, including 61 inside the M25, released a pre-close trading update for 2020 that showed total annual revenues plunged by nearly half to £80.5 million, down from revenues of £153.1 million in 2019.

The Gym Group said it is now burning through around £5 million per month closed in lockdown, but highlighted its £100 million bank facility and the fact that its sites traded profitably when allowed to open - which in 2020 was for just 45% of the year’s trading days.

Darwin, who has led the firm since 2018, called for an extension to the business rates relief measure currently set to end on March 31. The measure is worth just over £1 million per month to the company.

He said: “What we would really like [from Government] is visibility so that we can plan.

"The extension of the rates relief would be clearly very helpful in terms of giving us that visibility. We would like to know that as soon as possible."