Gymbox to expand after securing £39m investment package

Gymbox, the London-based gym group, will establish new sites in the capital after securing £39m (US$47.5m, €43.2m) worth of investment.

Business Growth Fund and HSBC have provided the backing, which will initially see the 13-year-old chain launch a new gym in Farringdon.

The former has provided £13m (US$15.8m, €14.4m) of equity finance – bringing its total investment in Gymbox up to £25m (US$30.4m, €27.7m) – while the giant bank group has ploughed in a further £26m (US$31.6m, €28.8m) in debt finance.

Gymbox’s new Farringdon site will be the firm’s largest gym. It includes a three-lane running track, Olympic-sized boxing ring and London’s largest free weights area.

The organisation currently has eight gyms and 22,000 members. It’s chief point of differentiation is its focus on fun, with colourful work out areas and DJs playing music.

Richard Hilton, chief executive of Gymbox, said: “Gymbox continues to revolutionise the fitness industry by ensuring that working out is as much fun as going out. With this funding package and the ongoing support of my management team, BGF and HSBC there is a lot more we can and want to do.”