Envestors pumps £900,000 into NRG

Of the total raised, £420,000 came from the Envestors network, while £110,000 came from an Enterprise Finance Guarantee loan from RBS, and a further £380,000 was received in lease financing.

The funding will support the company's plans to open a new site in Watford in February, followed by two more by July.

Company
Following a £115,000 equity injection in November 2012, NRG launched its first gym in Kent in March 2013.

London-based NRG was founded by director Shafiq Ahmed, a former financial services manager for Harrods. The company plans to launch a total of 15 sites by the end of 2015.

NRG focuses on value, offering memberships from £9.99 per month with no contract or joining fee.

People
The transaction sees Envestors' investment manager Tom Billings joining NRG as a non-executive director.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• UK / Ireland
• Consumer
• United Kingdom