Ben Dunne’s gym group has returned to profitability, recording operating profits of €3m after shutting down six of its 12 gyms due to unreasonable rent deals for various premises. In an interview, Mr Dunne said that “paying rent is a mug’s game” and that he didn’t play golf for three years while turning around the business. The gym group now consists of six gyms and Mr Dunne is eyeing opportunities to expand again, but only in premises that can be purchased. The closure of six gyms has halved membership numbers to 25,000, but Mr Dunne said the business has a strong balance sheet, no borrowings, and plenty of cash.
