Sport-Tiedje, the German retailer of fitness equipment, has taken over Powerhouse Fitness, an originally Scottish fitness chain, which runs outlets both in Scotland and in England. Powerhouse Fitness operates nine stores in Glasgow, Nottingham, London, Newcastle, Aberdeen, Edinburgh and Leeds as well as an online shop. The takeover was agreed at an undisclosed price.
Tiedje describes itself as the biggest specialist retailer for home fitness equipment in Europe. It owns 30 stores in Austria, Switzerland, Germany, Denmark, the Netherlands and Belgium. Germany continues to be the largest market with 21 doors, followed by the Netherlands with five, Austria with three and Switzerland, Denmark and Belgium with one door each. The latest additions were two shops in Dresden and Berlin this month. Altogether, Tiedje opened seven new doors in Germany and Austria over the last 12 months.
Technically speaking, Tiedje takes over Powerhouse Fitness' parent, Glasgow-based Laidir Leisure Ltd., which achieved double-digit sales growth and reached a turnover of £22 million (€29.8m-$32.6m) in the financial year to June 2015. The current owners, the brothers Nigel and David Webster, are said to be leaving the business.
Tiedje announced that it intends to keep Powerhouse Fitness as an independently operating subsidiary. The plan is to stick with Powerhouse Fitness as a name for the U.K. stores, and the retailer's 90 employees are to stay on board. So far, Tiedje has been active in Britain through its web shop only.
The company said that the acquisition will form a group with Europe-wide sales of about €90 million in 2015. Tiedje and its 300 employees generated sales of €51.4 million in 2014, after the takeover of its Dutch counterpart, OZI. Tiedje estimates the size of the entire British market of fitness gear at around £380 million (€515.0m-$563.3m).