Ben Dunne’s gym group has returned to profitability, recording operating profits of €3 million after Mr. Dunne shut down six of his 12 gyms following rent deal exits. In an interview, the entrepreneur declared “paying rent is a mug’s game,” and confirmed his business now comprises six rented premises. Any new gyms will be purchased, and although two of the current gyms are rented, a clause caps rent increases at 2% and limits rent reductions to 1%. The gym sector was badly hit by the Covid-19 pandemic, with Dunne’s closure of half the gyms leading to a drop in revenue from €13 million to €6.5 million, and a decrease in members from 50,000 to 25,000. Nevertheless, the turnaround in Dunne’s fortunes has been good, and the gym owner is exploring expansion possibilities.
