Gymbox plotting three new London gyms after 61% EBITDA boost
London-based gym chain, Gymbox, posted its ‘best ever’ results last year with impressive growth in both revenue and EBITDA helping to fuel further expansion of its portfolio of lifestyle gyms.
According to the group, increased demand across its clubs have supported a 61% year-on-year increase in EBITDA, which rose to £6.3m in 2016 compared to £3.9m in 2015.
This was matched by a 28% growth in revenue over the same period, although the exact financials for the figure have not been released.
It comes after Gymbox, whose gyms boast vibrant interiors and innovations such as nightly resident DJs, opened its ninth venue in Farringdon last year, a 42,000 sq ft club which includes a three lane running track and Olympic-sized boxing ring.
Following the release of its latest financials, Marc Diaper, Chief Executive Officer at Gymbox said: “The opening of our new club in Farringdon was a huge milestone and we couldn’t be more pleased with the reception it’s received from members.
“This, together with a strong performance in 2016 and further clubs in the pipeline, stands us in great stead for the year ahead.”
The brand also received a £39m funding package from BGF and HSBC in October last year, investment which will support the opening of a further three gyms this year as the chain looks to take advantage of the UK’s booming personal fitness market.
Looking to the year ahead, Alistair Brew, an Investor at BGF believes Gymbox has everything in place for another successful year.
He said: “This has been an exceptional year for Gymbox thanks to the talent, tenacity and aspirations of its management team. We’re very much looking forward to seeing what the next 12 months will bring.”