Board Changes 25 July 2022
The Gym Group plc (“The Gym Group” or “Company”), the nationwide operator of 215 low cost, high quality, 24/7 no contract gyms, announces that Penny Hughes, having served as chair of The Gym Group Board of Directors (the “Board”)since its IPO in 2015, has notified the Company of her intention to retire from the Board with effect from today’s date. Penny was the chair of the Nomination Committee, and a member of the Remuneration and Sustainability committees.
John Treharne, Founder Director of the Company and member of the Nomination and Sustainability committees, will be appointed Chair of the Board (“Chair”) with effect from the same date. John will also chair the Nomination Committee.
During Penny’s tenure as chair, the business has been transformed. It has increased the number of gyms by more than 3x since IPO from 67 to 215 today, with targets for 2025 of over 300 sites with EBITDA of £95m - £105m.
The Gym Group is making good progress towards those targets and is trading in line with Board expectations.
John Treharne, Chair of The Gym Group, commented:
“I want to thank Penny for her extraordinary leadership over the last seven years helping the business I founded scale successfully and build the right capabilities for long term growth. I am delighted to now be taking the reins as Chair as we work to deliver our plan to provide affordable fitness to all and deliver £100M EBITDA by 2025.”
Penny Hughes commented:
“It has been a privilege to chair The Gym Group for the past seven years. It is now firmly established as a market leader with a compelling long term growth strategy in place. I am delighted to be succeeded by John Treharne whose position on the Board continued to provide us with the benefit of his immense network and experience across the health and fitness sector. I wish John and everyone at The Gym Group every success for the future.”
FOR FURTHER INFORMATION, PLEASE CONTACT:
The Gym Group:
Richard Darwin, CEO
via Tulchan Communications
James Macey White
+44 (0) 207 353 4200
+44 (0) 207 260 1366
+44 (0) 207 418 8900
Market abuse regulation information:
The information contained in this announcement is deemed by the Company to constitute inside information as stipulated under the UK version of the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain. Nadira Hussein, Company Secretary, is responsible for the release of this announcement for the purposes of such regulation.