September saw the easing of COVID-19 restrictions in the Philippines, allowing most of the gyms in the country to reopen.
Portfolio company Anytime Fitness has the largest share of gyms in the Philippines and is pleased to report that as of the 21st of October 2020, 94% of Anytime Fitness gyms in South East Asia are currently operating.
As per the directives by the governments in the Philippines, Malaysia, Singapore, Thailand, Indonesia and Hong Kong, gyms in these markets temporarily closed to stem the spread of COVID-19 commencing mid-March 2020.
Fund manager, Charles Wong observed, “Despite the challenges presented by the market closures, we are encouraged by the reopening of the Philippines. Indicators we have seen in Singapore, Malaysia and Hong Kong – markets that have been open for a longer period of time – show that active and billed memberships are recovering to near pre-COVID-19 levels.”
In addition to navigating the business during the pandemic, Anytime Fitness used this opportunity to work on the integration of teams, bolster its senior leadership team (including bringing on a new CFO), and reviewed strategies to focus on growth in 4Q2020 and beyond.
Going forward, the management team’s priorities are continuing to ensure that franchisees are well-supported in terms of controlling cash expenses, improving communications to gym members on safety guidelines, and preparing for the re-opening of gyms. “We remain committed to working closely with the board and executive team to help bring the full network back online profitably,” said Charles.
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