The Gym Group has bought 13 venues from Easygym for £20.6m in cash and an additional £4.1m payable when lease extensions are agreed on two sites.
The leisure company was founded in 2008 by John Treharne, a former England squash player, and operates 133 low-cost centres for its 668,000 members.
In a trading update yesterday for the five months to the end of May, the group said its latest acquisition would be part-funded by an equity placing intended to raise gross proceeds of £24m.
