The Gym group today announces that it has signed an extended bank facility (the "New Facility") with incremental commitments of £30 million from its existing lenders HSBC, Natwest and Banco de Sabadell. This agreement formalises the deal which was agreed in principle and outlined within documentation relating to the Company's equity placing announced on 16 April 2020.

The New Facility has an 18 months term and is an amendment to the Company's existing £70 million Revolving Credit Facility (RCF) signed with the same three banks in October 2019. From September 2020 until June 2021 the covenant tests of the RCF will be replaced by new covenant tests primarily relating to the performance of the Company against agreed EBITDA targets that reflect a period of gym closure (relating to Covid-19) and phased recovery thereafter. Upon termination or early cancellation of the New Facility the covenants and all other terms of the original RCF will apply until the maturity of the RCF in October 2023.

For further information, please contact

The Gym Group
Richard Darwin, CEO
Mark George, CFO
via Instinctif Partners

Numis
Luke Bordewich
George Price
020 7260 1000

Peel Hunt
Dan Webster
George Sellar
020 7418 8900

Instinctif Partners
Matthew Smallwood
Justine Warren
0207 457 2005/2010