Founded in 2006 by ex-rugby player and experienced industry operator Jon Wright, award-winning Xercise4Less, one of the UK’s leading low-cost gym chains currently has around 250,000 members and a successful chain of existing gym sites, predominantly located across the North of England but with a growing footprint of sites across the country. Having started as a single unit in Castleford, the business now operates from 34 sites and employs over 600 people.
BGF originally backed Xercise4Less in August 2013, with a £5m investment to provide the business with capital needed to support management’s 5-year plan, which includes the rollout of new gyms nationwide.
Uniquely to Xercise4Less, its gyms are typically located at large out-of-town sites with floor sizes of 30,000 square feet or more that offer advantages to customers over traditional city centre budget gyms such as additional space, more gym equipment and a wider variety of choice and plentiful parking.
Since BGF’s original investment, Leeds-headquartered business has opened 23 new gyms and has also opened its first site inside the M25, in Hounslow and further sites are planned to follow in London and the South East.
Sales have more than doubled year on year for the last three years. The business is on track this year to achieve a turnover of circa £30m.
BGF has now invested £12.1m in the company, after its initial commitment of £5m in August 2013 and a further injection of £2m in May 2014.