Gym Grp Regulatory News (GYM)

30 August 2022

THE GYM GROUP PLC

(the "Company" or "The Gym Group")

Board Changes

The Gym Group, the nationwide operator of 218 low cost, high quality, 24/7 no contract gyms, announces the following changes to the Board's Non-Executive Directors with effect from today's date:

- Elaine O'Donnell is appointed as an independent Non-Executive Director, and she will replace David Kelly (who remains as a Non-Executive Director) as chair of the Company's Audit and Risk Committee. Upon her appointment, Elaine will become a member of the Nomination and Remuneration committees. Elaine is currently Chair of Games Workshop Group PLC and Chair of the Audit Committee and Non-Executive Director of On the Beach Group Plc. Elaine has also been appointed to the Board of SThree plc as Chair of the Audit & Risk Committee and Non-Executive Director with effect from 1 October 2022. She was formerly a Non-Executive Director of Studio Retail Group PLC and Merseyside Special Investment Fund Limited (where she was also Chair of the Board of its wholly owned subsidiary Alliance Fund Managers). Elaine was previously a Partner at Ernst & Young and is a Chartered Accountant. Elaine has no current interest in The Gym Group shares.

- Richard Stables is appointed as a Non-Executive Director and will become a member of the Company's Nomination Committee. Previously, Richard spent over 30 years as a corporate financier at Lazard and he is a Chartered Accountant. Richard is currently a Partner at Fulcrum Advisory Partners LLP ("Fulcrum Partners"), an independent advisory firm, and a Senior Advisor to Blantyre Capital ("Blantyre"), a c. 11.8% shareholder in the Company. The Board has determined that Richard is not considered independent for the purposes of The UK Corporate Governance Code. In this regard, the Board notes that, while Richard has not been appointed as a representative of Blantyre or any other shareholder and Fulcrum Partners has ceased to provide advisory services to Blantyre in relation to the Company, Fulcrum Partners is party to an incentive arrangement with Blantyre pursuant to which Fulcrum Partners is entitled to certain cash payments contingent on the share price of the Company achieving various price levels up to 600p per share, with a maximum cash value at those price levels equivalent to 305,641 shares in the Company.

- Rio Ferdinand has informed the Board of his intention to resign as a Non-Executive Director to allow more time to focus on his other increasing commitments. The Gym Group will continue to work in partnership with The Rio Ferdinand Foundation.

John Treharne, Chair of The Gym Group Board, commented:

"The Board is delighted to announce the appointment of Elaine and Richard to the Board, as the Board of The Gym Group evolves as we approach our 8th year as a listed business. They bring with them complementary skills and experiences as senior financiers in their respective careers, broadening and deepening the Board's skillset as we move forward. On behalf of everyone at The Gym Group, I also want to thank Rio for his contribution over the past couple of years. 

We recently announced our 2025 growth strategy. With our strongest new site opening programme ever we are on track to deliver that strategy notwithstanding the macroeconomic uncertainties we all face as we emerge from the disruption of the last two years of pandemic related restrictions. The strengthened Board will make a valuable contribution to The Gym Group as we finance and execute those exciting plans and more over the years to come."

The above notification is made pursuant to Listing Rule 9.6.11R. There are no matters in respect of Elaine or Richard requiring disclosure under Listing Rules 9.6.13(2) to 9.6.13(6) inclusive.

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