Great valuation @PeregrineCapital

my only question is around the viability of gym memberships in a recession/downturn.

Having lived through a few of these, it would seem

likely that the number of member subscriptions will reduce significantly. Gym memberships are one of the first things to get axed by the subsection of punters that might be classed as “the well intentioned non-attender. “

Im unclear of the fraction of gym memberships that might fall into this category but I think it’s not insignificant. Admittedly a lot more people are regular gym goers than in previous years. And might hang onto a their membership longer. But gyms have traditionally fared badly in downturns.

regards