£10m funding deal puts spring in trampoline firm’s step
OXYGEN Freejumping, the largest trampoline park operator in the UK which will three new centres in the North West in the summer, has received £10m of funding from Beechbrook Capital and existing investors, to open a further seven sites during the summer of 2016.
The deal will strengthen the company’s aim to open 30 parks within two years.
This latest round of funding comes on the back of a landmark deal with Lucozade Powerleague, to acquire five new sites in total, comprising 162,000 sq ft of trampoline parks throughout the UK.
Bosses say the new sites, which in Trafford Park, Manchester, Wigan, Blackburn, Derby and North Shields, will deliver Oxygen’s unique blend of free jumping, gymnastics and coaching, parties, and fitness classes.
Oxygen Freejumping opened its first park in West Acton last summer and Southampton in December.
The company is spearheaded by leisure entrepreneurs Fred Turok as chairman and David Stalker as chief executive.
Turok saidL: “There were a number of offers on the table, through our advisers Zeus Capital, and we are delighted that Beechbrook is investing £8m in this stage of our development.
“This is a fast paced and exciting leisure market, similar to the growth of the health and fitness sector a few years back.
“Our existing backers and Beechbrook recognise that we have a very experienced management team, a high quality product and an exceptional health and safety record.”
Stalker said: “This is the largest investment within our sector and will allow us to bring our blend of free jumping, free running, fitness and fun to seven new areas of the country.”
He said two further sites were in solicitors hands and through Oxygen’s adviseors JLL, and the company was looking for sites nationwide.
“Landlords are beginning to recognise that we are the premium operator in the market, capable of transforming a leisure or retail park, and we are on target to open 30 trampoline parks by the end of 2017,” said Stalker.
“West Acton is 30% ahead of expected targets within six months.”
Jon Herbert, managing director of the UK SME Fund at Beechbrook Capital said: “Our investment in Oxygen is the first in our newly-launched UK SME Credit Fund, and is a fantastic example of the type of business we are looking to support thanks to the strength of the management team, the quality of the Oxygen offering and the performance of the business to date.
“It was a pleasure completing this deal with the team at Oxygen and we are looking forward to supporting the business as it continues its nationwide rollout plan and establishes itself as the leading brand in this exciting market.”
John Goold, chief executive Zeus Capital comments, “I am delighted that our family office team at Zeus Capital led by Hugo Chance, have been able to help Oxygen raise its next round of financing. Oxygen is a very exciting business in a fast expanding market and we look forward to helping them with their further growth.”