Leeds finance service boosts North East fitness group with £500k funding
Newcastle’s Speedflex is to step up production of its fitness equipment to meet countrywide demand.
The company was established and funded by entrepreneur Graham Wylie - one of the original Sage founders - and Paul Ferris, ex Newcastle United physiotherapist.
Speedflex doesn’t incorporate weights and instead, resistance is automatically adjusted in response to the user. This technology is said to make the equipment suitable for all ages and fitness levels.
Group finance director of Speedflex, Mark Simpson, said: “We have had a great response to the new technology, as gym owners can see it will make their facility much more inclusive, leading to increased membership, as there is no barrier to age or fitness levels.
“We have had to act quickly to meet the demand for the machines and while this could have been funded from further internal investment, the process ideally suited utilising a revolving facility.
“We are therefore grateful to Reward who quickly recognised Speedflex’s potential and provided us with a flexible funding solution. The facility will enable us to settle stage payments, as they become due, and reduce the facility at the point of sale.”
Speedflex currently has 14 UK-wide studios in operation.
A strategic decision was made by Speedflex to utilise SME funding for the stage payment of the manufacturing and delivery process.
SME lender Reward Finance Group has provided Speedflex with a £500k revolving facility to support the process, having been introduced to the company by Peter Cromarty of North East-based intermediary, Corporate and Commercial Business Solutions.
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