Profits rise at Gymshark as founder’s wealth hits £900m

Solihull-based sportswear giant Gymshark has posted a hike in profits, according to newly-filed accounts.

The firm, which was founded by entrepreneur Ben Francis, posted a £45.4m pre-tax profit for the year to July 2021, compared to £30.4m in 2020.

Sales also rose sharply, from £260.7m in 2020 to almost £402m last year – a rise of 54%.

However, the accounts reveal that Gymshark will make 120 people redundant by July, following a restructuring programme.

Despite this, the firm says it will create more than 100 new roles, adding: “The business will seek to offer as many of these new roles to its current staff where it is appropriate to do so.”

Francis also rose on The Sunday Times Rich List published this weekend. The list now values Gymshark at £1.25bn, and Francis’s personal wealth at £900m.

Francis founded Gymshark in 2012 and owns a 70% stake in the firm. In August 2020, he sold a 21% stake to private equity firm General Atlantic.