20.01.2015, 17:40
Humphrey Cobbold Appointed as Pure Gym Chief Executive
OREANDA-NEWS. Pure Gym, the UK's leading gym operator, is pleased to announce the appointment of Humphrey Cobbold as Chief Executive Officer.
Peter Roberts, Pure Gym's founder and current CEO, will become Executive Chairman. Humphrey Cobbold is the former Chief Executive of Wiggle, the online cycling retailer.
Peter Roberts said: "I am delighted Humphrey has agreed to join Pure Gym, where he will oversee day-to-day operations and our continued expansion. Attracting someone of his calibre is a testament to the business we have built and its future prospects. His success at growing Wiggle from start-up to market leader was remarkable and his broad management experience in developing and growing businesses across multiple sectors will be invaluable to Pure Gym as we enter the next stage of our development. I look forward to working with him in my role as Executive Chairman."
The appointment coincides with further growth at the UK's largest gym operator, with over half a million member visits to Pure Gym's facilities every week.
Humphrey Cobbold said: "I have watched Pure Gym's progress with interest both as a fitness enthusiast and businessman. Since launching in 2009, Pure Gym has fundamentally changed the gym landscape in the UK and in turn become the largest operator in the country. Their customer-centric, technology driven offering has enabled gym goers to access larger facilities at any time, complemented by personalised training and a full range of classes; all delivered at an amazing price. I am delighted to be joining one of the UK's fastest-growing private companies in a sector with significant further expansion opportunities."
Tom Walker, Managing Director of CCMP Capital, Pure Gym's primary investor added: "We could not be more pleased with the job Peter and his fine management team have done during our ownership period. The addition to the team of an executive of Humphrey's calibre is further testament both to Peter's skill as a business builder and to the great prospects for the company."
Pure Gym has pioneered the model for affordable, flexible, high-quality fitness clubs in the UK. Members pay monthly and have no contract commitment. Its gyms are open 24 hours a day and offer a full range of top of the line equipment including cardiovascular equipment and fixed-resistance and free weights. Each gym offers over 220 pieces of fitness equipment and up to 80 group exercise classes each week delivered by circa 950 personal trainers. Pure Gym's current membership is 450k and has grown at a 75% CAGR since 2011.
By the end of 2015, Pure Gym plans to open 40 new gyms across the UK.
Humphrey Cobbold, 50, is a graduate of Cambridge University (1986) where he read Natural Sciences and has an MBA from INSEAD (1991). He has extensive business experience gained through management consultancy with Mckinsey & Company, private equity with Candover and in industry as director of Strategic Development at Trinity Mirror and CEO of Wiggle. At Wiggle, between 2009 and 2011, he grew turnover from ?33 million to ?170 million, headcount from 85 to 400 and EBITDA from ?4 million to ?15 million. He also launched Wiggle's international business across Europe and further afield in countries like Japan, Australia, USA, and China.
Pure Gym launched in 2009 and has 90, 24-hour gyms across the UK. Its members pay monthly, with no contract commitment. Gyms typically comprise cardio and strength training equipment and also offer up to 80 group exercise classes each week. In May 2013 funds affiliated with CCMP Capital Advisors, LLC bought a majority stake in the business.
CCMP Capital Advisors, LLC ("CCMP") specializes in middle market buyouts and growth equity investments of \$100 million to \$500 million in North America and Europe. CCMP focuses on generating alpha through the operational transformation of its portfolio companies. With offices in New York, Houston and London, CCMP invests in four primary industries: Consumer/Retail, Industrial, Energy and Healthcare.
Peter Roberts, Pure Gym's founder and current CEO, will become Executive Chairman. Humphrey Cobbold is the former Chief Executive of Wiggle, the online cycling retailer.
Peter Roberts said: "I am delighted Humphrey has agreed to join Pure Gym, where he will oversee day-to-day operations and our continued expansion. Attracting someone of his calibre is a testament to the business we have built and its future prospects. His success at growing Wiggle from start-up to market leader was remarkable and his broad management experience in developing and growing businesses across multiple sectors will be invaluable to Pure Gym as we enter the next stage of our development. I look forward to working with him in my role as Executive Chairman."
The appointment coincides with further growth at the UK's largest gym operator, with over half a million member visits to Pure Gym's facilities every week.
Humphrey Cobbold said: "I have watched Pure Gym's progress with interest both as a fitness enthusiast and businessman. Since launching in 2009, Pure Gym has fundamentally changed the gym landscape in the UK and in turn become the largest operator in the country. Their customer-centric, technology driven offering has enabled gym goers to access larger facilities at any time, complemented by personalised training and a full range of classes; all delivered at an amazing price. I am delighted to be joining one of the UK's fastest-growing private companies in a sector with significant further expansion opportunities."
Tom Walker, Managing Director of CCMP Capital, Pure Gym's primary investor added: "We could not be more pleased with the job Peter and his fine management team have done during our ownership period. The addition to the team of an executive of Humphrey's calibre is further testament both to Peter's skill as a business builder and to the great prospects for the company."
Pure Gym has pioneered the model for affordable, flexible, high-quality fitness clubs in the UK. Members pay monthly and have no contract commitment. Its gyms are open 24 hours a day and offer a full range of top of the line equipment including cardiovascular equipment and fixed-resistance and free weights. Each gym offers over 220 pieces of fitness equipment and up to 80 group exercise classes each week delivered by circa 950 personal trainers. Pure Gym's current membership is 450k and has grown at a 75% CAGR since 2011.
By the end of 2015, Pure Gym plans to open 40 new gyms across the UK.
Humphrey Cobbold, 50, is a graduate of Cambridge University (1986) where he read Natural Sciences and has an MBA from INSEAD (1991). He has extensive business experience gained through management consultancy with Mckinsey & Company, private equity with Candover and in industry as director of Strategic Development at Trinity Mirror and CEO of Wiggle. At Wiggle, between 2009 and 2011, he grew turnover from ?33 million to ?170 million, headcount from 85 to 400 and EBITDA from ?4 million to ?15 million. He also launched Wiggle's international business across Europe and further afield in countries like Japan, Australia, USA, and China.
Pure Gym launched in 2009 and has 90, 24-hour gyms across the UK. Its members pay monthly, with no contract commitment. Gyms typically comprise cardio and strength training equipment and also offer up to 80 group exercise classes each week. In May 2013 funds affiliated with CCMP Capital Advisors, LLC bought a majority stake in the business.
CCMP Capital Advisors, LLC ("CCMP") specializes in middle market buyouts and growth equity investments of \$100 million to \$500 million in North America and Europe. CCMP focuses on generating alpha through the operational transformation of its portfolio companies. With offices in New York, Houston and London, CCMP invests in four primary industries: Consumer/Retail, Industrial, Energy and Healthcare.
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