The Gym Group has taken 16th place in a Sunday Times financial league table ranking companies according to growth in profits over the last three years.

It is the only operator in the list from the health and fitness sector, reinforcing the notion that the budget end of the health club market is best-placed for growth.

The company has undergone a major expansion in recent years and is currently awaiting Office of Fair Trading (OFT) approval for a proposed merger with budget rival Pure Gym. If successful, the new company (as yet unnamed) would comprise more than 100 gyms across the UK.

The Gym Group forced its way into the upper echelons of the Sunday Times BDO Profit Track 100 league table after growing its profits by an annual average of 91 per cent over the last three years. Profits topped £3.7m in 2013 alone, on sales of £22.6m.

“Over the last three years The Gym Group has followed an ambitious expansion strategy to support our vision of delivering accessible, affordable and flexible gym membership for all,” said John Treharne, chief executive and founder of The Gym Group.

“Thanks to our robust business model and significant investment in growth, we have continued to deliver against our business objectives and consolidate our position as a market leader.”