Gym chain secures funding for new Coventry location

Fitness Worx, a gym chain based in the West Midlands, has secured a debt finance investment from the Midlands Engine Investment Fund II.

The £320,000 investment, arranged by Frontier Development Capital, will help the chain open its second gym in Coventry.

Its new 12,000 sq ft facility at Cannon Park Shopping Centre, set to open in September, will also serve as Fitness Worx’s head office and create eight new jobs.

The funding will cover the cost of fitting out the space, purchasing equipment and providing working capital.

Founded in 2014 by personal trainer Jack Gibson, Fitness Worx now operates multiple locations, including in Warwick, Southam, Leamington Spa, Bristol, Coventry and Stratford, with a team of 32 staff.

Gibson said: “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.”

Its original Coventry gym, opened in 2021, has already reached full capacity.

The latest investment follows a £100,000 funding received from the first Midlands Engine Investment Fund in 2023.

David Tindall, senior investment manager at British Business Bank, said: “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.”

Adam Cooksley of Navigate Commercial Finance provided fundraising advice to the company.