PureGym.
PureGym. (Photo: Philafrenzy via Wikimedia Commons)

Lawyering by Clifford Chance and Freshfields Bruckhaus Deringer came to naught as the U.K.’s largest private gym chain canceled its planned IPO due to concerns over market volatility.

The magic circle firms had been acting on Pure Gym’s £190 million ($235 million) listing on the London Stock Exchange, which was announced last month. But the company pulled the plug on the deal on Tuesday, citing “challenging” marketing conditions. CEO Humphrey Cobbold said the decision had been made despite strong investor interest for the shares. The IPO would have valued the company at around £500 million pounds ($615 million).

Clifford Chance advised Pure Gym and U.S. private equity firm CCMP Capital Partners, which acquired a majority stake in the business in 2013. The firm’s team was led by London equity capital markets partner Simon Thomas, global private equity head Jonny Myers and U.S. securities partner John Connolly. Freshfields acted for the underwriters—Jefferies, JPMorgan, Credit Suisse and Rothschild—with London capital market partner Mark Austin taking the lead.

Pure Gym is the U.K.’s largest private gym operator, with 169 sites and more than 820,000 members. It had planned to use the IPO proceeds and borrowings under new bank facilities to repay its existing debt in full, reduce net leverage and fund “future growth opportunities,” the company said in a statement announcing the deal. Pure Gym has opened 35 new sites this year, including 18 that were acquired from rival LA Fitness. Kirkland & Ellis advised the company on the financing of that transaction.

Lawyering by Clifford Chance and Freshfields Bruckhaus Deringer came to naught as the U.K.’s largest private gym chain canceled its planned IPO due to concerns over market volatility.

The magic circle firms had been acting on Pure Gym’s £190 million ($235 million) listing on the London Stock Exchange, which was announced last month. But the company pulled the plug on the deal on Tuesday, citing “challenging” marketing conditions. CEO Humphrey Cobbold said the decision had been made despite strong investor interest for the shares. The IPO would have valued the company at around £500 million pounds ($615 million).

Clifford Chance advised Pure Gym and U.S. private equity firm CCMP Capital Partners, which acquired a majority stake in the business in 2013. The firm’s team was led by London equity capital markets partner Simon Thomas, global private equity head Jonny Myers and U.S. securities partner John Connolly. Freshfields acted for the underwriters—Jefferies, JPMorgan, Credit Suisse and Rothschild—with London capital market partner Mark Austin taking the lead.

Pure Gym is the U.K.’s largest private gym operator, with 169 sites and more than 820,000 members. It had planned to use the IPO proceeds and borrowings under new bank facilities to repay its existing debt in full, reduce net leverage and fund “future growth opportunities,” the company said in a statement announcing the deal. Pure Gym has opened 35 new sites this year, including 18 that were acquired from rival LA Fitness. Kirkland & Ellis advised the company on the financing of that transaction.