Puregym has poached the chief executive of Punch Pubs & Co as its new boss.
Clive Chesser will succeed Humphrey Cobbold, who will become Puregym’s new chair.
Chesser and Cobbold are expected to take on their new roles on 6 November.
In a separate announcement, Punch Pubs & Co confirmed that its chief operating officer, Andy Spencer, will become its new CEO from 27 September.
Puregym, which has been led by Cobbold since January 2015, reported a 15 per cent increase in its revenue to £549m in 2023.
‘Stand-out privilege of my career’ to lead Puregym
Cobbold said: “It has been the stand-out privilege of my career to have guided Puregym through its development over the past 10 years.
“Working with an extraordinary group of colleagues we have succeeded in building a business from around 60 sites to over 600 now spread across six countries.
“We have enjoyed the highs of 10 times growth and transformative M&A deals and managed the lows of a global pandemic (which saw us receive zero revenue for most of 12 months), a cost-of-living crisis and many smaller challenges.
“Puregym is a business with a remarkable culture and a big heart driven by our dual mission to make everybody welcome and to inspire healthier nations wherever we operate.
“I am hugely grateful to my colleagues who make this mission a reality every day through their efforts and relentless commitment.
“The board and I are delighted to have secured Clive as our next CEO, after an extensive international search.
“He has the perfect skill set to guide us on the next exciting stage of our growth journey and I am really looking forward to working with him in my new role as chair.”
Before joining Puregym, Cobbold was CEO of Wiggle from 2009 to 2013 and has also worked at Candover Partners, Trinity Mirror and McKinsey & Company.
‘A truly British business success story’
Chesser added: “I am thrilled to have been offered the opportunity to run such a brilliant business.
“I have long admired Puregym for its clearly defined purpose-driven mission to inspire healthier nations, with inclusivity at its heart.
“It is truly a great British business success story, and Humphrey and the team should feel immensely proud of their achievements to date.
“It is a really exciting time to be joining the group, and I very much look forward to helping the business achieve further success, both domestically and internationally.”
Chesser has been Punch Pubs & Co’s chief executive since 2018.
On leaving Punch Pubs & Co, Chesser added: “It has been a huge privilege to lead the Punch business for the past six years, and to work with so many talented and inspirational colleagues in an industry which I love.
“I will always be proud of the progressive steps that we have made during my tenure, and of our achievements as a business.
“I would like to thank every member of the Punch team for their positivity and passion, along with the partnership of our supportive owners, Fortress Investment Group.
“I have worked with Andy in two different businesses over the past 15 years, and I could not be handing over to a stronger successor.
“Together they will take this great company forward to the next stage of its exciting journey.
“Health and fitness is an important part of my life and so now feels the right time for me to embark on a new adventure and to test myself in a different sector.”
An ‘exceptional’ CEO
Kris Galashan, a partner of Leonard Green – the majority equity owner of Puregym, said: “Humphrey has been an exceptional CEO of the Puregym Group, and he is a large part of why we invested in the business back in 2017 and have remained so supportive of the business over the last few years – not all of which have been easy or straightforward.
“As investors we are delighted that Humphrey will remain closely involved with the group and are really pleased to have secured Clive as the new group CEO.
“Clive brings great experience in international development and franchising from his time at Häagen-Dazs and as a true leader in the pub
industry.
“Alongside group CFO Alex Wood and Rebecca Passmore group COO, he joins an exceptional business leadership team who are primed to deliver further growth and success.”