Mishcon de Reya advised the owners of the Soho Gyms Group on the sale to PureGym.
Soho Gyms was established by Jeremy Norman who created the Heaven nightclub and The Embassy Club in Mayfair. Norman is now part-time executive chairman, guiding the group's expansion.
PureGym plans to convert all of the Soho Gyms sites into the PureGym format through a rolling refurbishment programme.
Larry Nathan, Head of Mishcon de Reya's Hospitality and Leisure Group, led the team with assistance from Corporate Associate Georgia Joseph.
Larry Nathan commented: "This sale represents a significant milestone for Soho Gyms and we are very pleased to have had the opportunity to work with the owners and their management team on this transaction. The deal represents a further consolidation in the fitness sector, which continues to be a focus for us. We are seeing activity across the space from the budget gym chains such as PureGym to higher-end luxury gyms such as The Third Space. Added to that is the surging growth in boutique fitness brands like Triyoga, Frame and BoomCycle – all of which points towards further investment activity and interest in the health and fitness sector."