Despite several months of closure, the newly established fitness chain FitnessX will open 100 centers in the coming years.
Despite the fact that the corona crisis continues to force customers in the newly started fitness chain FitnessX to stay away and has put an end to new registrations in one of the busiest months of the year, the newly established chain maintains its ambition to be among the country’s leading fitness centers and build 100 centers in five years.
This is according to the company’s director and main shareholder Per Lyngbak Nielsen, who previously headed Fitness World. The company, which was sold for 2.5 billion DKK and brought Per Lyngbak Nielsen a three-digit million sum.
“Our advantage is that we knew there was a corona crisis when we established FitnessX. We were prepared that there would probably be another shutdown, which is why we have budgeted for shutdowns both in 2020 and 2021. This means that we have money in the coffers to get through the crisis,’ says Per Lyngbak Nielsen.
The foundation for FitnessX is to be found in the former fitness chain Fitness1, which also had centers all over the country.
The newly established chain took a large part of the former Fitness1 centers with it under the new structure FitnessX A/S, where former Fitness1 owner and director of operations in Fitness World, Jens Refsing Andersen, is also a co-owner.
“We managed to open 22 centers before the shutdown, and they all had a good start. But we also knew that it would be difficult times due to shutdowns, and therefore we started with DKK 100 million. DKK in the box. We have far from used them, and there is still money for further development,’ says Per Lyngbak Nielsen.
Therefore, the plan is for FitnessX to open more centers as soon as the current restrictions on the country’s gyms are lifted.
“Realistically, I don’t believe we can open until after Easter. The shutdown means that we lose a few million every month, and of course it’s not fun, but we have budgeted that the shutdown this year will be as long as in 2020. We opened there on June 8, and therefore we can also be fine manage until then,’ says Per Lyngbak Nielsen.
The director does not want to disclose how much money FitnessX has currently spent on establishing itself, but according to the director, it is important for the chain to use the shutdown sensibly by getting the last details under control, so that the chain will be razor sharp when the members return .
Therefore, FintessX has, among other things, used the current shutdown to improve several facades in the country’s centers and further develop team plans and other training opportunities.
FitnessX has not yet published its first accounts, but according to Per Lyngbak Nielsen, the chain expects a loss.
“It costs money to open new centers and some of the companies we have bought were not doing well before we took them over. But overall, we are quite satisfied with the third quarter, when we were allowed to stay open. Even so, we expect a deficit in our first accounts,’ says the director.
In 2019, Per Lyngbak Nielsen sold the parking company Onepark for over DKK 100 million. DKK
Part of the money has been used to establish FitnessX.