Addleshaw Goddard advises Bridges Ventures on sale of majority position in The Gym Group
Addleshaw Goddard’s private equity team has advised Bridges Ventures on the sale of its majority position in The Gym Group to Phoenix Equity Partners.
Phoenix has acquired a majority stake in the business while Bridges, an investor in The Gym since 2007, will retain a 25 per cent minority shareholding, enabling its investors to continue to benefit from future growth in the business.
The team from Addleshaw Goddard was led by London private equity partner Mike Hinchliffe and included tax partner Elaine Gwilt and associates Marc Field and Zulon Begum.
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The past five years have not been easy for Addleshaw Goddard. The firm’s revenue fell 7 per cent from £173.1m to £161.9m between 2008/09 and 2010/11 and despite finances looking up in 2011/12, when Addleshaws reported a 30 per cent increase in net profit, it has shown no notable compound growth in turnover since 2007/08.