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Mike Ashley's Sports Direct to launch gym chain
Sport Direct to open gyms offering membership for just £5 per month, but shares in company fall on plans
Shares in Sports Direct fell by almost 5pc after the retailer unveiled plans to launch a chain of cut-price gyms.
Sports Direct intends to open 200 gyms offering membership from £5 a month.
The company, which is controlled by Mike Ashley, the owner of Newcastle United, has made the move after buying 30 gyms from LA Fitness.
Sports Direct is in the process of rebranding the LA Fitness gyms. A flagship Sports Direct gym will open next month in Aintree, Liverpool, next to a Sport Direct shop, while another will open in Keighley, West Yorkshire.
A spokesman claimed that Sports Direct will "revolutionise" the market by making gym membership affordable. Members will pay a £10 joining fee then £5 a month to use the facilities.
Sports Direct said: "Our gym memberships will offer fantastic value for money in the same way that our customers have come to expect from our retail outlets and our website
"This will be affordable fitness on an unprecedented scale. It will revolutionise the market by making private gym membership a realistic lifestyle choice for millions of people."
However, shares in the company fell on the news as investors contemplated the costs of running a gym chain and the shift away from Sports Direct's core retail market.
Shares in Sports Direct fell 29.5, or 4.5pc, to 627p.
The move into the gym market is the latest venture for Mr Ashley outside running Sports Direct shops. In 2014 Mr Ashley has bought shares in Debenhams, Tesco and is involved in battle for control of Rangers Football Club.