Under the leadership of CEO and founder Richard Hilton, fitness chain Gymbox has experienced consistent growth since opening its first gym in 2003.
The eight London based gyms have in excess of 22,000 members and in the last 12 months alone generated revenues and EBITDA of £16m and £5.5m.
Now, as the gym chain described as is ‘the must-go destination for fitness-savvy Londoners’ by Cool Brands continues to grow, it is set to open its doors to thousands more people across the capital.
BGF (Business Growth Fund), an existing Gymbox shareholder, has provided an additional £13m of equity finance whilst HSBC, which has banked the company for over 13 years, is continuing to support the business with a debt package totalling £26m.
Hilton said: “Gymbox continues to revolutionise the fitness industry by ensuring that working out is as much fun as going out.
“With this funding package and the ongoing support of my management team, BGF and HSBC, there is a lot more we can and want to do.”
The funding will be used to fuel Gymbox’s ambitious growth plans. This will see the chain open its largest and most inspiring gym to date, which is under construction in Farringdon.
The new 42,000 sq ft gym will feature a three lane running track, an Olympic sized boxing ring and the largest free weights area in the capital.
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