A new pay-as-you-go gym venture has secured £260,000 in funding from private investors as it looks to revolutionise the health club market.
Investment firm Envestors said it had successfully launched a financing from private investors for start-up company payasUgym, which aims to offer casual gym users access to a network of gyms on a pay-as-you-go basis with no membership ties.
PayasUgym is hoping to launch next month, allowing customers to “load” cash on to an online account that can be used at a wide range of fitness centres, from spas to leisure centre gyms.
Jamie Ward, co-founder of payasUgym, said: “Consumers are increasingly demanding more choice and flexibility with their gym memberships.
“PayasUgym will address these existing market restrictions and provide affordability and convenience for casual gym users.”
Customers will be able to buy pay-as-you-go passes through payasUgym’s website or with smartphone applications.
But it is likely to face competition in providing more affordable gym access, with serial entrepreneur Sir Stelios Haji-Ioannou planning to launch a budget fitness club offering next year.
Sir Stelios is gearing up to launch easyGym in the first half of 2011 allowing users to sign up for monthly-only contacts costing as little as £15 a month.