BGF in £39m deal for Gymbox

As part of the deal, HSBC has also provided a £26m debt package to support the company’s growth strategy.

The latest investment will enable the company to further increase its number of sites across London, with a flagship gym in Farringdon currently under construction.

Previous funding
According to unquote" data, Hotbed invested £3.25m in Gymbox in 2005, with a follow-on investment of £2.1m in 2008. In April 2010, Octopus Ventures provided £1.3m for additional sites, drawing capital from Octopus Capital for Enterprise Fund.

The latest round brings BGF’s total investment in Gymbox to £25m. The firm originally invested £10m in the business in July 2014 in order to support the launch of three new sites across London.

Company
Gymbox is a London-based health club business founded in 2001 that currently operates eight gyms in the UK capital. In the last 12 months, the business generated revenues of £16m and EBITDA of £5.5m.

Gymbox focuses on the premium end of the health club market, with an emphasis on high-spec interiors and nightly resident DJs. Its forthcoming Farringdon site includes a three-lane running track, an Olympic-sized boxing ring and facilities for trapeze- and acrobatics-based fitness classes.

People
Business Growth Fund – Alistair Brew, Ben Kirby (investors).
Gymbox – Richard Hilton (CEO).

Advisers
Equity – Cooley, David Bresnick (legal).
Debt – Travers Smith, Matthew Smith (legal).
Company – Tamweel Capital, Ali Aneizi (corporate finance); Cooley, Stephen Rosen, John Clark (legal).

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• Topics
• Expansion
• UK / Ireland
• Consumer
• United Kingdom
• BGF (Business Growth Fund)