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"We began to develop the idea of a low-cost chain almost two years ago, and now we are about to open the first gyms. Over the next 12 months we expect to open two gyms in Estonia and one in the Latvian capital Riga," Erkki Torn, board chairman of MyFitness and Gym Eesti, said in a press release.

He said that the company intends to invest more than two million euros in the launch of the new gym chain during the first year.

GYM! is about to open its first fitness center in the southern city of Tartu in the Veeriku sports center at the address Naituse 33 on Tuesday. Construction of the gym at the address Akadeemia 21/2 in the Tehnopol compound in Tallinn has begun and the gym is expected to open in summer.

"Our main goal is to offer quality gym service at a favorable price, and I believe that the concept of GYM! gyms differs strongly from the existing offering on the market -- in terms of the price, quality and the environment provided by the gym alike. We genuinely believe that a favorable monthly fee of 15 euros without any accession charges will bring also people who have never been to a gym before to boldly try out our facilities," Torn said.

Gym Eesti OU, operator of the GYM! brand, started business in 2017 as a subsidiary of My Fitness AS.