London-based fitness chain Soho Gyms has moved to draw a line under speculation of a potential takeover by outlining plans to develop its existing portfolio, as well as its fledgling budget offering.

The eight-strong chain of London gyms, which was founded in 1994 by current chair Jeremy Norman, had been linked to several investors, with reports suggesting Sports Direct Fitness may have been lining up a bid as it seeks a stronger foothold in the southeast.

However, no such deal was reached and Soho Gyms has now moved to reiterate its commitment to focusing on operations. The chain’s newest gym, Farringdon, will shortly undergo a refurbishment and expansion, while sister brand Budget Gym is currently scaling up its low cost offering in Lewisham.

“We have an exciting plan for further investment in the group for the future, both within and outside of our existing portfolio,” said managing director and shareholder Michael Crockett.

“Whilst our shareholders were happy to listen to interested parties in order to accelerate our growth, the business, like our members, is in great shape, is financially strong and continues to grow. We remain committed to providing our growing membership with excellent facilities and customer service. Watch this space.”

With its extensive property footprint in prominent London locations, it’s easy to see why operators and investors would be interested in the business. According to filings at Companies House, Soho Gyms’ holding company Ovalhouse made a pre-tax profit of £611,000 last year, on sales of £8.02m.