UK’s largest swimming business sold
SWIMTIME UK – the UK’s largest swimming lesson franchise – has been sold for an undisclosed sum.
Former Swimming Teacher Association (STA) chief executive Theo Millward is the new sole stakeholder of Swimtime after purchasing 100% of Swimtime’s shares using private funding.
The Greater Manchester company, which was founded in 1997 and adopted a franchise model in 2004, operates across 26 franchise regions and has an annual turnover of more than £4m.
Millward, 30, said: “Swimtime is a very successful, established brand and company, which I’ve had the pleasure of being involved with for some time through my previous work. I’m really excited to come on board at a time when there is enormous scope to develop and expand the business.
“I’m eager to get to grips with the day-to-day running of the company and look forward to meeting all franchisees in the very near future, as well as building relationships with account managers and suppliers. I have ambitious plans to invest significantly in new operations to help grow Swimtime exponentially over the next five years and beyond.”
Swimtime was set up by Linda Price and after four years of growth her husband Barry joined her in the business.
Deals with national gyms chain LA Fitness and with smaller local providers soon followed, before the creation of the franchise model.
Linda and Barry Price will immediately exit from the day-to-day running of the business but will remain as consultants to Swimtime during the handover period. Linda will also continue her role as brand ambassador.
Barry Price said: “We’ve known Theo for over 10 years and feel he is the perfect fit for Swimtime. His understanding of the industry and enthusiasm for the learn to swim sector will be a great asset to franchisees and customers alike. We look forward to seeing the business grow, develop and flourish under his management.”
Linda Price added: “Having spent the last 20 years developing Swimtime from a start-up into a successful nationwide brand with 19 franchisees, we are very proud of what we’ve achieved and it will of course be sad to not be a part of the daily running of the business. However, we’re confident that Theo is the best person to drive Swimtime forward and are pleased to hand over the reins to such an enthusiastic and competent business owner.”
The pair are not quite ready to retire – TheBusinessDesk.com understands that within the next year they will be looking to launch their next venture within the industry.
Hilton Law acted for Swimtime and Theo Millward was represented by Ennes-Gilmoe Liberson LLP. The deal was brokered by Infinity LLP. Daniel Finestein of private equity group Infinity provided corporate finance advice to the shareholders of Swimtime.
