GymBox secures £13m deal from Business Growth Fund
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What do they do?
GymBox, founded in 2001, runs a chain of London-based gyms, having opened its first in 2003. It now has clubs in Bank, Covent Garden, Victoria, and several other locations across the city, advertising a range of services from group classes to dedicated personal training. The company was ‘born in a car park’ with nighttime DJs, neon lights, and pole dancers – the goal being to make working out feel more like going out.
What have they raised?
GymBox has received a total of £52.4m in fundraisings; a figure significantly bolstered by this £13m investment from BGF Growth Capital. HSBC simultaneously invested £26m in GymBox in the form of a loan, taking this fundraising’s total to £39m.
Behind the money
Business Growth Fund last year invested £5m in Yorkshire-based Xercise4Less, who have one gym in Hounslow and one in Harlow, but are generally spread throughout the country. BGF typically invests between £2m and £10m, so this figure suggests a good deal of confidence in GymBox’s prospects. Indeed, prior to this the last BGF investment exceeding £10m was made to video advertising company Unruly at the start of 2012.
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