DWF, the global legal business, have advised JD Sports Gyms Limited on the acquisition of national gym chain Xercise4less out of administration following financial difficulties.
JD Sports Gym's acquisition of Xercise4less included the majority of the business and assets of the Xercise4less Group, including 50 of its 51 gyms and all 400 employees. Xercise4less's site in Wakefield was not included in the sale as it closed prior to the appointment of administrators. Xercise4less suffered financial difficulties from an increasingly competitive market that were deepened further by the impact of COVID-19. The administrators have confirmed there will be no interruption to its existing 250,000 customer memberships.
The deal was led by Partner, Lisa Stavropoulos, alongside Restructuring Partners, Natasha Atkinson and Stewart Anderson, with the team including Katy Philips (Senior Associate, Corporate), Anita Gupta (Partner, Real Estate), Miles Sinclair (Associate, Real Estate), as well as solicitors Ioannis Saridakis and Samantha Francis (Banking and Business Restructuring).
Lisa Stavropoulos, Partner at DWF, also commented: "We are delighted to have advised JD Sports Gyms on this acquisition which enhances its position in the highly competitive gym market and which will also secure the continued employment of hundreds of people."