Midlands Engine Investment Fund II announces investment in independent gym chain
Press release
Fitness Worx, a fast-growing independent gym chain based in the West Midlands, has taken the next step in its growth journey, securing the first large debt finance investment from the Midlands Engine Investment Fund II.
The gym chain has secured a £320,000 debt investment facilitated by the fund’s appointed fund manager for the West Midlands, Frontier Development Capital, to enable it to open a second gym in Coventry.
A new 12,000 sq ft facility at Cannon Park Shopping Centre will open in September, creating eight new jobs in the area. It will also act as the company’s head office and provide space to accommodate its growing team. The funding will be used to fit out the building, buy equipment and provide additional working capital.
Fitness Worx was founded in 2014 when personal trainer Jack Gibson opened his first gym in Kenilworth. The company has since added sites in Warwick, Southam, Leamington Spa, Bristol, Coventry and Stratford and now employs a total of 32 staff across the different locations. The existing Coventry gym, which is in Tile Hill, opened in 2021 but has already reached full capacity in terms of membership numbers.
Fitness Worx prides itself on being ‘community led’ and organises regular events, festivals and competitions to engage members and help them get to know each other. The gyms use cutting-edge equipment and offer a wide range of small group classes, along with one-to-one coaches and personal transformation programmes.
The new site is part of the company’s long-term growth plan, which aims to have a total of 25 sites across the Midlands and beyond in the next 10 years. The latest investment follows funding from the first Midlands Engine Investment Fund, where the business received £100,000 through BCRS Business Loans via the Community Investment Enterprise Facility (CIEF) in 2023.
As a personal trainer, I loved the atmosphere of a private gym and saw the transformations that clients could achieve through one-to-one coaching and small classes. I wanted to offer those benefits within a regular gym with an affordable monthly subscription. This funding will enable us to open our eighth site in the Midlands and take us one step closer to our ultimate goal of becoming the region’s leading independent gym chain. Jack Gibson Founder and CEO
The Midlands Engine Investment Fund II invests in SMEs in the Midlands with strong growth potential. We’re thrilled this latest investment from the Midlands Engine Investment Fund II in Fitness Worx will support the company's continued expansion plans and help generate local jobs. David Tindall Senior Investment Manager at British Business Bank
Jack is an impressive operator with a clear vision for the business. His model creates a strong sense of community and a loyal membership with a very low turnover rate. We are pleased to be able to support him on his growth journey. Marie Kelly of FDC Marie Kelly of FDC
The £400m Midlands Engine Investment Fund II covers the entire Midlands region and provides debt finance from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
The purpose of the Midlands Engine Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunities for new and growing businesses across the Midlands. The Midlands Engine Investment Fund II will increase the supply and diversity of early-stage finance for small businesses in the Midlands, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.
Further Information
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Notes to editors
About the Midlands Engine Investment Fund II
Operated by the British Business Bank, the Midlands Engine Investment Fund II (MEIF II) provides a mix of debt and equity funding. MEIF II offers a range of commercial finance options with small loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5 million. It works alongside the Combined Authorities, Local Enterprise Partnerships (LEPs), and Growth Hubs, as well as local intermediaries such as accountants, fund managers and banks, to support smaller businesses in the Midlands at all stages of their development.
The funds in which the MEIF II invests are open to businesses with material operations, or planning to open material operations, in the West and East and South East Midlands.
Supported by Nations and Regions Investments Limited, a subsidiary of British Business Bank plc, the Bank is a development bank wholly owned by HM Government. Neither Nations and Regions Investments Limited nor British Business Bank plc are authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA).
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