Gymbox fighting fit as EBITDA soarsMarch 2017 | News
Gymbox, the trailblazing London-based gym chain, has posted its best results ever after generating a 61% year-on-year increase in EBITDA to £6.3m in 2016, up from £3.9m in 2015. Revenue has grown by 28% during the same period.
The number of people signing up for membership at the group’s newer clubs - Old Street, Stratford and Victoria - surpassed expectations while its more established clubs continued to experience growing demand.
Following the opening of its ninth club in Farringdon - a 42,000 sq ft space featuring a three lane running track, an Olympic sized boxing ring and the largest free weights area in the Capital - total membership across the group now exceeds 24,000.
Gymbox will continue to roll-out more clubs after receiving a £39m funding package from BGF and HSBC in October 2016, with three new gyms in the pipeline for 2017. BGF, the UK’s most active investor in small and mid-sized business, has backed Gymbox since July 2014 and has invested a total of £25m into the business.
Founded in 2003, Gymbox pioneered a new type of gym experience designed to inspire and entertain its members through vibrant interiors, bold and unusual exercise classes and nightly resident DJs. More than 150 classes are available across the group, including Circus Fit, a combination of trapeze skills, aerial hoop and acrobatics. Unlike many other chains, all classes are included in the membership price.
Marc Diaper, CEO, 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.”
Scott Vernon, CFO at Gymbox said: “Last year’s performance gives us the energy and confidence to continue to push forward with our growth ambitions. We are focused on making sure that our offering to members continues to stand out - we’ll continue to invest in existing clubs, staff and service at the same time as rolling out new clubs.”
Alistair Brew, Investor, BGF 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.”