The Gym Group Hits New Membership Record

The Gym Group (TGG) released its half-year interim results for 2023, noting climbing revenue and record member numbers, partly driven by a new subscription model.

By the numbers:

• Revenue rose 18.5% to £99.8M.
• Membership hit 867K, topping pre-pandemic levels.
• Two clubs launched in H1 2023 (18 opened since H1 2022), making 230 in total.

Between the lines: TGG founder John Treharne took back the reins as board chair in January 2023, overseeing the appointment of new CEO William Orr, former MD of Times Media, on 1 September. Overcoming a challenging period, Treharne said the positive results should continue to gain ground:

“The Gym Group has delivered a solid first half, driving growth in both membership and yield, and remains on track for the full year.”

Despite inflation and rising operational costs, TGG’s customer base and revenue are rising – thanks in part to a 20% increase in visits and monthly per-member revenue climbing 8.4%.

Changing gears. Acting fast on member trends and adding new pricing tiers has paid off for TGG.

• Catering to demand for strength training, it extended dumbbell ranges in 88 gyms and added new lifting rigs to 22 clubs.
• Riding fitness racing’s rise, it expanded HYROX training to 17 London sites.
• The chain introduced trial membership in 64 clubs offering lower-entry price and improved premium options, resulting in 30% more sign-ups and 700K app users, up 34% YoY.

Looking ahead: TGG is planning to open four to five gyms in H2 2023 and has 10–12 in the pipeline for 2024. With its new CEO – who brings 30 years’ experience heading up subscription-based consumer businesses – hopes are high for a power-growth period that may even surpass current targets.