The Gym Group has raised around £41.3m from a share issue to strengthen its balance sheet.
Chief executive Richard Darwin said: “We are grateful for the support in these unprecedented times and are confident that the business now has sufficient liquidity to weather the board’s most pessimistic trading scenario.
“We continue to believe in the long-term attractive fundamentals of the low-cost gym sector and our strengthened balance sheet will enable us to take advantage of growth opportunities that arise in the immediate aftermath of the crisis.”
A total of 27,396,606 new shares of 0.01p each have been placed by Numis Securities and Peel Hunt at a price of 150p per share.
The price represented a discount of 6.8% to the closing share price of 161p on 16 April.
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