Xercise4Less secures £42m boost to rollout gym expansion plans
Xercise4Less, the Leeds-headquartered gym operator, has announced a £42m growth capital investment from the Swedish credit provider Proventus Capital Partners.
The investment will allow Xercise4Less to open another 10 gyms by the end of 2018 and a further 40 over the following two years, meaning that there will be 100 gyms across the entire estate by the end of 2020.
First opening in 2009, Xercise4Less now has over 300,000 members – 30% of which have never previously been members of health clubs.
Jon Wright, founder of Xercise4Less, commented: “The growth capital will allow us to open more gyms at a faster rate and provide more people the chance to get active. “Our health clubs genuinely appeal to a mainstream audience.
“Unlike other budget operators we are not selling on price. We thrive on ‘changing lives’ and feel this ability to offer more than the consumer imagined they could receive is what will help us to continue disrupting the budget model and maintain the clear water between traditional and low-cost clubs.”
Daniel Sachs, CEO of Proventus Capital Partners, added: “The core of our strategy is working with entrepreneurs and helping them grow their business by providing them access to bespoke capital that suits their unique situation.
“The fitness industry has long been a focus area for us and we are delighted to become a strategic financial partner to Xercise4Less in their continued development.”