The Gym Group’s chief operating officer Jim Graham has poured cold water on press reports of an imminent £300m listing on the London stock market, insisting that no decision has been taken by the company’s board.

Several reports have surfaced suggesting the chain is poised to go public, citing conversations with city insiders, however Graham told Health Club Management the speculation is premature and that the chain has “no firm plans in place.”

Founded in 2007 by John Treharne with backing from private equity group Bridges Ventures, The Gym Group attracted fresh investment in 2013 when Phoenix Equity Partners bought a majority stake in the business.

“We’re a private equity-backed business, so obviously (floating) is something we constantly look at and have conversations about, but it’s extremely early to suggest that a listing is imminent,” said Graham, who was operating partner at Phoenix Equity Partners before joining The Gym Group.

“Going public would be a decision for the board based on what’s best for the business and its investors, but that isn’t a decision that’s been taken. Also, no decision has been made on how our private equity investors will one day exit the business, and going public is just one of a number of ways that could happen.”

Graham said speculation regarding the company’s direction was “part and parcel” of being a growing business. The low cost gym chain was recently named in the top 50 UK private companies with the fastest-growing sales over the latest three years, and aims to reach 80 sites by the end of 2015.

The rumblings of a stock market listing for The Gym Group come after the company abandoned a planned merger with rival chain Pure Gym in June last year, when the Competition and Markets Authority (CMA) decided to refer the proposed merger to an in-depth investigation – a move criticised by industry analyst Ray Algar as a “perplexing decision.”