Fitness club chain flexes for further expansion after £6.5m loan
Total Fitness, the Wilmslow-based fitness club operator, is working on further growth after the award of a £6.5m loan by OakNorth Bank.
The facility will refinance an existing loan facility as well as support the refurbishment of several of its clubs. The transaction also includes a debt accordion to support future growth opportunities beyond the core health club business.
Founded in 1993, Total Fitness has more than 93,000 members and operates 15 health and fitness clubs across the North of England and Wales.
Now employing around 600 staff, each of its sites offer a full range of health and fitness facilities, including fully equipped gyms with extensive cardio, strength and resistance equipment, swimming pools, squash courts, indoor running tracks, relaxation areas with cafes, saunas, and studio spaces that host more than 70 classes per week.
All health clubs are also situated within central urban locations, with good transport links and large car parking facilities to accommodate peak visiting times.
Led by the first female CEO in the UK’s private health club sector, Total Fitness was backed by private equity firm, NorthEdge Capital, in 2015, to support its growth ambitions.
Sophie Lawler, Total Fitness CEO, said: “As a team with an exciting story and a unique strategy for the future, we have been thoughtful about the right partner to support us through this next chapter. Our experience with OakNorth was hugely exciting.”
Tom Rayner, CFO of Total Fitness, said: “This refinancing has enabled the business to invest in its future and will be the underpin for further growth in our member base and rich, varied offering.”
Stewart Haworth, director of debt finance at OakNorth, which has a key base in Manchester, said: “Total Fitness is a very well known regional health club brand that has an excellent reputation across the North of England and Wales.
“It is testament to Sophie’s vast experience in the fitness industry and the impressive leadership skills of her and her team that the business has successfully navigated challenging times of both the pandemic and the current cost-of-living crisis.
“The combination of the health and fitness industry’s forecasted growth with Total Fitness’s superior member proposition and well-invested sites, has put the business in the perfect position to capitalise on these tailwinds.”
Phil Tarimo and Owen Malton, of Daresbury-based Dow Schofield Watts Debt Advisory, provided fundraising advice to Total Fitness. Support was also provided by Manchester commercial law firm, Pannone Corporate.
