Tax Strategy
Pure Gym - TAX STRATEGY
Introduction
Pinnacle Topco Limited and its subsidiaries (“the Group”) operate low-cost physical fitness facilities under the Pure Gym brand in the UK and Switzerland (trading through Pure Gym Limited and PureGym AG respectively) and under the Fitness World brand in Denmark. The Group is a significant contributor
to the UK Exchequer through the payment of VAT, corporation tax, employment taxes, national insurance contributions, environmental taxes and property taxes.
This document, covering all UK subsidiaries listed in the appendix and approved by the board of Pinnacle Topco Limited, sets out the Group’s approach to conducting its tax affairs and dealing with
its tax risks for the year ended 31 December 2022 and will remain valid until superseded.
This strategy is made publicly available in accordance with Schedule 19 of the Finance Act 2016,
paragraphs 16(2) for a UK headed group and 22(2) for a UK company, branch or partnership.
Tax Risk Management and Governance
The Group is committed to being a responsible and compliant taxpayer, managing tax risk in a manner
expected by its shareholders, its members and its staff.
The responsibility for ensuring the Group’s tax affairs are conducted in accordance with this tax
strategy rests with the Chief Financial Officer (“CFO”) who is a member of the board of directors.
The CFO delegates day to day management of the Group’s tax affairs to the Director of Tax and
Treasury and the Group Head of Tax. Robust processes and controls are in place to minimise the risk
of errors arising, which could impact the amount of tax that we pay. Tax risks and material tax matters
are discussed and agreed with the CFO on a regular basis and reported to the board of directors as
appropriate.
Attitude to Tax Planning
The Group complies with applicable tax legislation; ensuring that all taxes due are paid on time. In
cases where the tax guidance is unclear or the Group does not feel it has the necessary expert
knowledge to adequately assess tax consequences, we work closely with our experienced external tax
advisors to support the decision-making process.
Tax planning for the Group is driven by the commercial needs of the business and anticipated future
developments. The tax function is therefore involved in decision making and provides an appropriate
input into business proposals to ensure a clear understanding of the tax consequences of any decisions
made. In no circumstances will the commercial needs of the business override compliance with applicable tax laws and regulation.
Acceptable Tax Risks
The Group has a prudent appetite for tax risk. It does not operate with prescriptive risk targets or
levels, but instead assesses the tax position of transactions specific to their facts and circumstances,
with complexity and materiality determining the level in the organisation at which decisions are made.
Working with HMRC
The Group is committed to maintaining an open, honest and constructive working relationship with
the tax authorities, ensuring professional and timely engagement in respect of tax matters requiring
further guidance or clearance.
APPENDIX: UK SUBSIDIARIES COVERED BY THIS TAX STRATEGY
|
Company Name |
Company Registration |
|
Pinnacle Topco Limited |
11038720 |
|
Pinnacle Midco 1 Limited |
11038809 |
|
Pinnacle Midco 2 Limited |
11038870 |
|
Pinnacle Bidco plc |
11038859 |
|
Gym Topco Limited |
8508586 |
|
Gym Midco Limited |
8507790 |
|
Gym Midco 2 Limited |
8512273 |
|
Gym Bidco Limited |
8507812 |
|
Pure Gym Limited |
6690189 |
|
Ovalhouse Limited |
01709244 |
|
Pinnacle Europe Holdings Limited |
12344695 |
|
Pure Gym (Dudley) Limited |
08238001 |
|
Tolmers Newco 1 Limited |
8963776 |
|
Tolmers Newco 2 Limited |
8974502 |
|
LA Fitness Limited |
3224406 |
|
LA Leisure Limited |
1728962 |
|
LA Westminster Limited |
3238726 |
|
CS Leisure Limited |
2357146 |