Fladgate have advised Fore Fitness on the sale of 13 easyGym sites to The Gym Group. The initial consideration is £20.6m, with an additional £4.1m payable when lease extensions are agreed on two sites. Fore Fitness is to focus its operations on the easyGym franchise model going forward. The deal was completed within an intense 18 working day timetable required by both sides. Corporate and real estate partners Ian Brent and Stephen Lewis led the transaction, with a team of over 20 lawyers working on the matter, including Rebecca Tavares (real estate senior associate), Alex Haffner (commercial partner), Mike Tremeer (employment partner) and Anthony Reeves (tax associate).
Pierre Goosen of Fore Fitness said: “We had previously used Fladgate for our property related and commercial matters. We were delighted with the advice and delivery of this project in accordance with the challenging timetable which had been set.”
Ian Brent, Fladgate corporate partner commented: “This was a great deal to be involved in and very satisfying to have been able to meet the deadline by when it needed to be done. We wish The Gym Group well with the acquisition and Fore Fitness well with the easyGym franchise proposition.”