Funding gives Fitness Worx a lift

A Midlands gym chain is preparing to open another venue following new investment.

Fitness Worx has secured a £250,000 loan from the Midlands Engine Investment Fund II, delivered through Frontier Development Capital, to fit out its ninth site – an 11,000sq ft, two-storey gym in Rugby. 

The new venue, one of only two in the town operating 24 hours a day, will include premium equipment, saunas and a wide programme of classes, from HYROX to lifting and endurance sessions. 

More than 600 memberships have already been sold ahead of the planned December opening.

Founded in 2014 by personal trainer Jack Gibson, Fitness Worx now operates eight gyms across Kenilworth, Warwick, Southam, Leamington Spa, Bristol, Stratford and Coventry. 

Headquartered in Kenilworth, the business employs around 30 people and expects to create five additional roles with the Rugby launch. 

Jacks says Fitness Worx aims to grow its footprint to 25 sites over the next decade. 

He said: “Rugby is one of the fastest growing towns in the Midlands and has a proud sporting tradition, but it is currently underserved in terms of gyms. 

“We aim to fill a gap in the market for a premium 24-hour venue with state-of-the-art equipment and expert personal training. 

“This is another step towards our goal to bring Fitness Worx to every major town in the Midlands.”

Fitness Worx has previously received support from both the Midlands Engine Investment Fund and BCRS Business Loans to fuel its ongoing expansion.

Marie Kelly, investment manager at Frontier Development Capital, added: “Fitness Worx has built a reputation for its community focus, dynamic classes and personal transformations, and has a loyal client base of around 5,000 members. 

“With a young, health-conscious population, Rugby is the ideal location for its latest launch, and will enable Fitness Worx to cement its position as one of the region’s leading independent fitness providers.”

The £400 million Midlands Engine Investment Fund II, operated by the British Business Bank, provides debt finance of £25,000 to £2 million and equity investment up to £5 million to help Midlands-based small and medium-sized businesses start, grow or innovate, aiming to boost sustainable economic growth, increase early-stage funding availability and improve access to finance for firms that might otherwise miss out.

David Tindall, senior investment manager at the British Business Bank, added: “With an impressive membership base already established and a strong community focus, Fitness Worx is well placed to address a key gap in the local market. 

“The Midlands Engine Investment Fund II is proud to continue to support Fitness Worx in its latest venture as the business grows its position as one of the region’s leading independent fitness providers.” 

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