Magenta Partners invests in dynamic travel-tech disruptor Fastpayhotels

SME growth investor, Magenta Partners, has acquired a stake in FastPayHotels (FPH), a fast growing, dynamic rate hotel wholesaler, connecting sources of supply (hotels) with sources of demand (travel agencies and tour operators). FPH represents the third investment from Magenta’s latest fund, which targets equity investments of £5m – £20m in growth businesses.

Founded in 2016 by Alex Gisbert and Elodie Leunen, FPH is a specialist hotel bed wholesaler, differentiating itself through selective hotel rate distribution and high use of technology. FPH commenced trading in 2015 and currently sells hotel rooms in over 78 countries from around 28 source markets. It operates in a $60B global hotel market which is growing at over 6% annually, with the online travel agents growing at over 6% as consumers migrate their booking habits online. Against this backdrop, the company has enjoyed explosive growth.

The investment in FPH underlines Magenta’s approach of backing high growth, niche market leaders, and partnering with driven management teams and founders to accelerate their growth.  Tom Matthews of Magenta Partners has joined the FPH Board, and will work with Magenta’s Entrepreneur’s Club in supporting the company’s growth.

Tom Matthews, partner of Magenta, comments: “We are delighted to have the opportunity to partner with such driven entrepreneurs who have already built a very differentiated business with huge growth opportunities ahead.  We are very much looking forward to working closely with Alex and Elodie and our Entrepreneurs Club to help grow and scale the business over the coming years.”

Alex Gisbert, CEO of FPH comments: “We wanted an investor who valued founder entrepreneurs and appreciated the real life day to day challenges of managing growth. Magenta proved a natural fit with strong sector understanding and deep experience of growing businesses as both investors and entrepreneurs themselves. We are looking forward to the journey together.”

Magenta were advised by Addleshaw Goddard, Broseta, Deloitte and Intuitus.  FPH were advised by Deloitte Legal Spain.

FastPayHotels

 

Magenta portfolio company TrustpayGlobal ranks #29 in Sunday Times Tech Track 100

https://www.fasttrack.co.uk/company_profile/trustpay-global/

Founded by chief executive Alexander MacAngus, 57, and chief strategic officer Richard Smith, 42, in 2010, TrustpayGlobal spent four years on development before debuting its payment processing platform for online retailers.

The Guildford-based business also helps clients to increase their credit card acceptance rates worldwide, reducing “basket abandonment”. It operates in 12 currencies, with 80% of sales coming from international markets. Sales, which represent processing fees, were £9.8m in the year to March 2018, and it plans to hit £25m in the next three years.

For further details please see:
www.trustpayglobal.com

TrustpayGlobal

Magenta and Eaton Gate partner for continued growth

SME growth investor, Magenta Partners (Magenta), has taken a minority stake in Eaton Gate Holdings Limited and Vigilis Holdings Limited (together EGV).

Founded in 2016 by serial entrepreneur Gary Burke, EGV is a managing general underwriter (MGU) specialising in UK mid-market commercial insurance.  Its well-recognised and highly experienced executive team have created an exciting and unique offering akin to a virtual insurer.  It has quickly gained traction in the market and is regularly writing policies in excess of £50,000.

Gary is pleased to welcome Magenta as a co-investor to support EGV’s continued growth.  The investment in EGV underlines Magenta’s approach of backing high growth, niche businesses with strong prospects and exceptional management teams.  The investment is the second of Magenta’s latest fund, which targets equity investments of £5m – £20m.

Magenta has previously invested successfully in another business founded by Gary.  Gary Burke comments: “Given our history and relationship, Magenta were a natural fit when seeking additional funding to support our rapid growth.  Not only have they spent considerable time getting to know the business, but we have already proved that we can work well together to grow a business and capitalise on the opportunities it presents.”

Chase Emson, partner of Magenta, has joined the EGV board and comments: “We are very excited to partner once again with Gary Burke in this exciting new venture.  EGV has already demonstrated an ability to provide a differentiated offering for both brokers and insurers and carve out its own niche based on its exceptional team and distribution networks.  We have an excellent working relationship with Gary and have full confidence in him and his team’s ability to grow and scale the business over the coming years.”

Jonathan Matthews, EGV’s Chief Operating Officer added: “It is great to have a new backer that really understands the uniqueness of EGV’s virtual insurer business model.  By combining market leading technology, in-house specialist MGAs and high levels of service we are able to offer bespoke insurance solutions to brokers and insurers.”

Magenta were advised by Eversheds Sutherland led by Louise Finnie, Smith and Williamson and Intuitus.  EGV were advised by ABG Corporate Finance LLP lead by Eleanor Wilkinson, Macfarlanes led by Justin Hope and Norton Rose Fulbright LLP.

For more information on Magenta please see www.magentapartners.com

For more information on EGV, please see www.egmgu.co.uk and www.vigilis.co.uk

Eaton Gate

Viva Gym acquires Fitness Hut to create Iberian low-cost market leader

Spain’s Viva Gym and Portugal’s Fitness Hut, two of Europe’s leading low-cost gym groups, are joining forces

  • Together they will constitute the largest low-cost gym group in Iberia, with almost 200,000 members and revenues of more than €50m

  • The deal is being led by Bridges Fund Management, the sustainable and impact investor

  • The combined group will focus on driving better access to affordable health and fitness, as a means of improving health outcomes

  • Acquisition financing provided by Ares, plus significant follow-on acquisition capability to support the group’s plan to roughly double in size in the next three years

LONDON, 9th JANUARY 2018

Viva Gym (“Viva”), a leading Spanish low-cost gym business, has acquired Fitness Hut, the leading Portuguese low-cost gym business, in a deal led by specialist sustainable and impact investor Bridges Fund Management (“Bridges”). This will create the biggest low-cost fitness group in the Iberian region, with 200,000 members across 48 sites, combined revenues of over €50m, and ambitious growth plans for the next few years.

Bridges acquired a majority stake in Viva in 2015 via its Sustainable Growth Fund III, investing alongside Magenta Partners (“Magenta”), the investment firm that founded Viva in 2011. The acquisition of Fitness Hut has been made possible by a further investment from Fund III and Magenta, plus additional co-investment from Hermes GPE and the two management teams, who remain committed to the business. Fitness Hut’s founding investor Edge Capital and subsequent investor OxyCapital will exit as part of the deal.

Alternative lender Ares Management has provided all acquisition facilities, plus a significant committed follow-on capital capacity to fund further growth.

The health and fitness sector continues to thrive in both Spain and Portugal, and the low-cost segment is the fastest-growing part of those markets. Together, the combined group – which will be led by Viva CEO Juan del Río Nieto and will continue to operate under two separate brands – currently operates 48 sites. With the new facilities in place, management now expects to add another 14 gyms in 2018, with a target of over 90 sites across the group by the end of 2020.

The World Health Organisation has identified physical inactivity as one of the most significant public health risks, contributing to an estimated 3.2 million deaths globally every year. Regular exercise can help tackle this growing problem; but exercise facilities are often inaccessible or unaffordable for those on low incomes.

Bridges has extensive experience in the low-cost gym sector: originally by launching The Gym Group, which pioneered the concept to the UK, and more recently as an investor in both Viva and Impact Fitness, a rapidly-expanding low-cost operator in North America. These companies are helping to bring health and fitness to a new demographic: last year alone, they signed up almost 60,000 people who had never been members of a gym before.

Juan del Río Nieto, CEO of Viva Gym, said:
“Both Viva Gym and Fitness Hut have a clear ‘premium low-cost’ value proposition. They offer affordable and accessible gyms in prime locations, with an upmarket look and feel. The proposition also includes a significant live class offering and a ‘no contract’ policy to ensure member flexibility. These shared values and skills will enable the combined group to be a better, stronger business, which will remain committed to market leadership and innovation.”

James Hurrell, Investment Director at Bridges, said:
“Bridges has known the Fitness Hut team for six years, and we have long admired the business they have built. By bringing these two companies together, we have built a highly experienced and complementary management team and Board. There is a clear opportunity for the two brands to improve their offering by sharing knowledge and best practice, and committed funding is in place to deliver an accelerated growth plan. Given Bridges’ track record of improving accessibility to fitness and driving better health outcomes, we think this is a great opportunity to create another ‘best in class’ operator within the European low-cost gym sector.”

Nick Coutts, Co-Founder of Fitness Hut, said:
“We’ve come to know the Bridges and Viva teams very well over the last few years, so they were an obvious choice of partner as we embark on our next phase of growth. We’re very excited about the opportunity for low-cost fitness in Iberia, and we look forward to working with our new partners to become the undisputed market leader in Spain and Portugal.”


Advisors:

Legal advisor to Viva: Eversheds Sutherland

Debt advisor to Viva: Lincoln International

Commercial and Financial diligence: EY

Corporate finance advisor to Fitness Hut: Clearwater International

Viva Gym

Magenta Partners secures first Fund II investment in TPG

SME growth investor, Magenta Partners, has invested in Trustpay Global (TPG), an online Payment Service Provider (PSP) to enterprise customers in industries with complex international payment requirements. TPG represents the first investment of Magenta’s latest fund, which targets equity investments of £5m – £20m in to growth businesses. The investment follows on fast on the heels of Magenta’s latest exit, Halo Insurance Services, which generated an 11x return.

Founded in 2010 by Sandy MacAngus and Richard Smith, TPG is a specialist digital PSP, providing secure consumer payment processing for medium and large companies across mobile and internet based channels. Combining its proprietary technology platform (PCI DSS accredited) and e-Money Institution status, TPG provides a highly differentiated service offering to online merchants, targeting key areas such as funnel conversion, payment acceptance rates, fraud and charge back rates, and regulatory requirements.  TPG is already processing payments in over 50 countries globally across mainstream and alternative payment methods.

Online payments now represent c.10% of all retail payments annually (c.$2tn), are growing rapidly (c.25% p.a.) and are forecast to double over the next 5 years.  TPG’s historic focus of UK and European merchants who transact internationally is increasingly supplemented via a fast growing footprint in developing countries where internet and banking adoption is high but relatively underserved by local digital payment providers. Against this backdrop, the company has enjoyed significant sales and EBITDA growth.

The investment in TPG underlines Magenta’s approach of backing high growth, niche market leaders, while partnering with driven management teams and founders to accelerate their growth.  Tom Matthews and Chase Emson of Magenta Partners have joined the TPG Board, and will work with Magenta’s Entrepreneur’s Club in supporting the company’s growth in to new merchant sectors and geographies.

Tom Matthews, partner of Magenta, comments: “We are delighted to have the opportunity to partner with such impressive entrepreneurs who have built a very differentiated business.  We are relishing the opportunity of working closely with Sandy and Richard and our Entrepreneurs Club to help grow and scale the business over the coming years.”

Sandy MacAngus, CEO of TPG comments: “We searched for a long time to find an investor that could not only add value, but who appreciated the entrepreneurial nature of our business.  The fact that the Magenta team have founded and managed high growth businesses previously, and have positioned their fund directly at supporting founders and managers, was a critical reason why we chose to partner with.  The support of Magenta will help drive our sector and geographical expansion at an even faster rate, and we are looking forward to the journey together.”

Magenta were advised by Weil Gotshal & Manges, Smith & Williamson and Intuitus.  TPG were advised by Osborne Clarke.

 

Magenta background:

Magenta Partners was established in 2008 to capitalise on growth investment opportunities in the UK lower mid-market. Magenta is a relatively new manager with a highly entrepreneurial DNA and has invested into 9 different businesses. 5 of these have been exited – the most recent being Halo Insurance which generated Magenta an 11x return.

Magenta is primarily backed by the Singh Family Trust, the family trusts of New Look founder and entrepreneur Tom Singh. The Magenta investment team is augmented by their Entrepreneur’s Club, a group of successful entrepreneurs, most of whom they have backed, and who are used to working closely with Magenta in evaluating, investing in, and managing growth businesses.  This Club consists of Tom Singh (New Look), Steve Parish (TAG, Crystal Palace), Gary Burke (Home & Legacy, iPrism) and Peter Roberts (Luminar, Tulip Inns, Pure Gym).

The Magenta team have also founded and grown their own business, Viva Gym, a market leading low cost gym operator in Spain and South Africa. Bridges Fund Management bought a controlling stake in Viva Gym Spain in 2015.

For more information on Magenta please see www.magentapartners.com

For more information on TPG, please see www.trustpayglobal.com

Trustpay Global

Bridges and Magenta exit insurance business Halo to trade buyer

Bridges and Magenta Partners have sold insurance business Halo to global insurance group Cover-More.

Bridges and Magenta launched Halo in 2009, backing founder and chief executive Ernesto Suarez.

Through its online retail platform iCarhireinsurance.com, and partnerships with other aggregators, Halo helps consumers save money by buying cheaper insurance for rental cars online, rather than paying at the rental desk.

Halo has websites in six different languages and has recently moved into a second product vertical with the launch of InsuretheGap.com, which offers GAP (Guaranteed Asset Protection) insurance policies that are substantially cheaper than those offered by car dealerships.

The company’s EBITDA has increased at a compound annual rate of 145 per cent over the last four years. It sold 325,000 policies last year, while achieving a 3x return on its cost of customer acquisition.

“Halo is a great example of a high-growth consumer champion business: its innovative insurance offering has succeeded in disrupting the marketplace and making car rental insurance more affordable and accessible,” Alison Price, Investment Manager at Bridges Fund Management, said.

The shareholders were advised by Cavendish Corporate Finance and Osborne Clarke.

Halo

Magenta Partners sells its stake in iPrism to Bowmark Capital

– Second exit for Magenta in twelve months –

Funds advised by Magenta Partners (Magenta), the entrepreneurial growth investor, has announced that it has sold its stake in iprism Underwriting Agency Limited (iprism), to Bowmark Capital.

iprism is an insurance intermediary that sells policies to brokers and direct customers on behalf of groups such as AXA, Aviva and LV.  Its online platform generates quotes and policy documentation in real time, maximising the speed and efficiency of price testing and purchase. Magenta acquired a minority stake in iprism in November 2010.

Chase Emson, partner of Magenta Partners, said: “iprism is a great example of a business that has shown consistently strong growth despite challenging economic conditions, and this is largely down to its innovative approach and talented management team.  It recognised how an online capability could revolutionalise the process of buying SME insurance.

“As a minority investor, we have worked alongside the business from the point that it was just starting to break even to now. It has shown a highly impressive rate of growth and has netted a significant return on our investment. We wish the company great success during its next stage of development.”

Magenta launched in January 2008; since then it has advised on investments into eight UK small and medium sized businesses, including childrenswear retailer JoJo Maman Bebe; and has exited three investments, which include Pure Gym, sold to CCMP Capital Advisors in May 2013 generating an IRR of 76%, and independent media design and production agency Tag Worldwide, which sold to Williams Lea in 2011, generating an IRR of 42%. Across its eight portfolio businesses, Magenta has advised on investments totaling £44 million and returned just over £90 million from its first three exits.

Tom Matthews, partner of Magenta comments: “Our investment performance continues to demonstrate that supportive and knowledgeable capital, when partnered with entrepreneurial and talented management teams in growth businesses, can generate top tier returns for investors without the need for excessive leverage. It is an exciting segment of the market in which to operate given the current environment.”

iPrism

CCMP acquires Pure Gym

CCMP Capital Advisers has backed Pure Gym’s management in a secondary buyout of the UK-based company, which previously received funding from Magenta Partners.

The Pure Gym investment is believed to have been made via the GP’s CCMP Capital Investors III fund, which was launched last year and has a target of $3.5bn.  Media reports stated in February this year that the fund was nearing its final close that month.

CCMP typically invests equity tickets of $100-500m (£64-322m) in companies worth between $500m-2bn (£322-1.3bn). The GP’s investment in Pure Gym will be used to roll out a further 40 gyms in the next 12 months.

Pure Gym previously received £6m in funding from Magenta Partners, which was reported to be part of a larger £10m funding round in 2010. Prior to this, Pure Gym’s management invested £3.5m in the company alongside private investors in 2009.

Company

Established in 2008 in Ripon, Yorkshire, Pure Gym runs a chain of gyms that do not require its members to be tied into a contractual commitment. The company’s gyms are open 24 hours a day and offer cheap membership due to the stripped-back facilities, namely the lack of saunas, steam rooms and cafés.

In the year ending February 2013, Pure Gym reportedly recorded turnover of £30.6m and an EBITDA of £8.4m. The company employs around 100 staff and has 45 gyms throughout the UK, which are used by approximately 240,000 customers.

People

Peter Roberts is the CEO and founder of Pure Gym. The company’s executive and non-executive directors all hold shares in Pure Gym. Stephen Murray is the CEO of CCMP while Thomas Walker, managing director at the firm’s London branch, led the deal.

Advisers

Equity – Kirkland & Ellis (Legal).

Company – Liberty Corporate Finance (Corporate finance); Canaccord Genuity (Financial due diligence); Travers Smith (Legal).

Pure Gym

Magenta Partners secures first exit in sale of TAG Worldwide

Funds advised by Magenta Partners, (Magenta), the entrepreneurial growth investor, have secured their first exit in the sale of Tag Worldwide (Tag) to global Business Process Outsourcing company, Williams Lea Group. Tag Worldwide is the largest independent media design and production agency in the world with a strong blue chip customer base including H&M, Coca Cola, RBS, Land Rover, Sony and Unilever.   The sale is the first exit from Magenta’s current portfolio (Magenta launched in January 2008) and represents an IRR of 42 per cent.

Magenta, which specialises in the SME growth investment space, has advised on 8 investments to date, most recently in specialist maternity and childrenswear retailer JoJo Maman Bébé. Magenta’s principal founder investors are the Singh Family Trusts (Tom Singh, founder of New Look, is one of the UK’s leading retail entrepreneurs) and it is now seeking to expand its investor base.

Commenting on the deal, Tom Matthews, a partner at Magenta said: “”Tag is a great business with a great management team. Its market-leading service offering and management’s focused execution of growth opportunities have cemented the business as an out and out market leader in its space, ultimately yielding a strategic premium to shareholder value. We wish them every success in the next phase of their growth.”

The business has grown to over £100m of turnover in 2010 off the back off continued investment in new office openings, expansion in service lines and product development and continued success in winning new blue chip clients.

Steve Parish, who is CEO of Tag and also Chairman of Crystal Palace Football Club comments: “Magenta have a more innovative approach than other PE players we encountered, and struck a chord of partnership from the outset. Against a backdrop of rapid growth, Magenta were able to support us in bringing an increased objectivity to the business and helping define the strategy going forward. We are now well placed to drive the business and continue our geographical expansion in the emerging markets.”

Tag is headquartered in London, has offices in 10 countries and employs 1,100 people. It is a world leader in media design and production and it simplifies the marketing process for its clients by implementing marketing campaigns across multiple delivery channels e.g TV, newspapers, magazines, brochures, direct mail and the internet, in over one hundred different languages.

Advisors:
Financial – RW Baird, David Silver & Anand Baldawa
Vendor due diligence – BDO Stoy Hayward
Legal – Herbert Smith, James MacArthur
Legal (Management) – Rosenblatt Solicitors, Ian Rosenblatt and Nick Foss-Pedersen

Tag Worldwide

Magenta Partners invests in JoJo Maman Bébé

Funds advised by Magenta Partners (Magenta), an investor in high growth businesses, have invested in JoJo Maman Bébé, the specialist multi-channel baby, nursery and maternity retailer for a minority stake in the business.

Magentas’ principal founder investors are the Singh Family Trusts. Tom Singh, founder of New Look, is one of the UK’s leading retail entrepreneurs.

JoJo Maman Bébé has seen a 50% increase in sales from £18 million to £27 million in the two years from July 2009 to June 2011. Pre-tax profits have increased from 4% in the year ending 2009 to a forecast of 8% for year ending June 2011 and there has been a 33% increase in employment, with the business now consisting of 350 employees, up from 241 in June 2009.

Chase Emson, partner of Magenta who joins the Board of the company comments: “This business presents a fantastic opportunity for us to work alongside an exciting and entrepreneurial management team in the next stage of growth for this niche multi-channel retailer. JoJo Maman Bébé operates in a growing sub-sector of the apparel retail market, with a focus on quality, ethics and value that has helped build a strong market-leading brand.

“We intend to work with the management team to help expand the business in the UK and capitalise on international growth opportunities. Our extensive experience within the retail sector will enable us to bring incremental value to this already successful business.”

JoJo Maman Bébé was founded in 1993 by female entrepreneur and managing director Laura Tenison, who was named Veuve Clicquot businesswoman of the Year in 2010 and was awarded an MBE for services to business in 2004. Tenison launched the business as a specialist maternity wear and baby clothing company and in the past six years the retail business has grown organically into a multi-channel operator, now with 36 stores across the UK and employing 350 people.

Laura Tenison, founder and managing director of JoJo Maman Bébé comments: “This is a unique business founded on a strict moral and ethical code of conduct. We have traded well throughout the economic downturn with positive LFL figures. Despite being courted by equity funds for many years we have only now found our ideal financial investor who rates these core brand values. We are delighted to be working with Magenta to grow the business in a sustainable manner and open up new opportunities that were out of the reach of our organic growth plan.”

Laura Tenison was advised on the investment by the consumer team at Clearwater Corporate Finance, who sourced the right equity backer for JoJo Maman Bébé and structured the deal with Magenta.

Richard Shaw from Clearwater comments: “We had long been admirers of Laura Tenison and the way in which she and the management team have developed such a successful multi-channel retail model. Laura has found the right investor that will provide growth capital to the business and Magenta will work alongside Laura to strengthen the management team and grow the business. This deal is testament to the faith that private equity investors continue to show in the consumer sector for businesses with a strong proposition and brand.”

JoJo Maman Bébé

Magenta Partners leads a £7.5m investment in iPrism

Funds advised by Magenta Partners have completed an investment of £7.5m for a minority stake in iprism Underwriting Agency Ltd (‘iprism’).

iprism has developed an online platform that generates truly comparative quotes and full policy documentation in real-time. Brokers and customers can select their policy and buy it in minutes without referral back to the underlying insurers – revolutionising the speed and efficiency of both price testing and purchasing.

iprism’s secure and sophisticated platform has a panel of 15 Insurers offering comparative quotes on generic policy wordings covering 14 SME products plus Mid and High Net Worth. Over 1,000 brokers have signed up to iprism agency agreements, eager to benefit from the efficiency and high service levels iprism offers including their in-house underwriting capability to amend quoted terms in real time.

Gary Burke, founder of iprism commented:

“Having become profitable earlier in the year it was time to involve external capital in the next stage of our development. Magenta understood our business model and could see the enormous potential in the coming years”.

Magenta Partners are a highly entrepreneurial team targeting investment opportunities in growth businesses, and have specific experience in UK online insurance businesses. Magenta Partners’ principal founder and investor are the Singh Family Trusts – Tom Singh, founder of New Look, is one of the UK’s leading retail entrepreneurs.

Chase Emson of Magenta Partners added:

“iprism has developed a strong online platform capable of delivering a range of SME and HNW insurance products to brokers and individuals. We believe the company is ideally placed to benefit from the increasing need for independence, efficiency and competitive pricing in these large sub-sectors of the insurance market. We are excited to be involved in an investment alongside Gary Burke and look forward to working with the management team during the next stage of iprism’s growth.”

iPrism

Magenta Partners leads a £6m investment in Pure Gym

Magenta Partners has led a £6m investment round for budget health club company Pure Gym Limited. This is the company’s first round of institutional funding, having previously raised £3.5m from management and individual investors in 2009.

Pure Gym provides high quality gym facilities at affordable prices and without the need for annual membership contracts. Members pay c.£15.99 per month for 24/7 access to the club facilities which include c.200 pieces of state of the art equipment.

Similar models have been rolled out in the US and continental Europe with great success and the UK remains one of Europe’s largest and most expensive gym markets.

Pure Gym currently has 4 sites (Leeds, Manchester, Edinburgh and Wolverhampton), with a fifth (Sheffield) due to open shortly, and is looking to expand to 20 sites by 2011.

Peter Roberts, CEO of Pure Gym, and his team have extensive leisure experience having founded and/or managed several successful roll-outs including The Langdale Group, Luminar Leisure, Golden Tulip Hotels and Tulip Inns.

Magenta Partners brings significant experience of investing in Health Clubs in the UK, with Chase Emson who was closely involved with MidOcean’s investment in LA Fitness from 2005 to 2008 and Tom Matthews who was a member of the original Bridges Ventures deal team on The Gym.

Tom Matthews of Magenta Partners commented:

“We are extremely excited by this investment. Low cost gyms represent the next phase of growth in the maturing UK health and fitness market. The low cost model presents better value for money for existing gym participants but, as importantly, attracts new, more price sensitive customers to the market. The four sites to date have been supportive of the customer offering and underlying business model, and we are looking forward to working with a very experienced management team in order to continue the rapid growth of the business.”

Peter Roberts, CEO of Pure Gym added:

“We continue to be hugely excited by the opportunities that exist for Pure Gym in its expansion and I am delighted that Magenta, as experienced investors in the sector, are working with us and the Board to deliver our full potential.”

For more information please visit www.puregym.co.uk

Pure Gym