Fast-growing gym chain secures funding for ninth venue from the Midlands Engine Investment Fund II

Fitness Worx has secured a £250,000 loan from the Midlands Engine Investment Fund II, through fund manager Frontier Development Capital, to fit out and equip the new 11,000 sq ft premises at Cottage Leap.

The new gym, one of only two in Rugby to open 24 hours a day, will feature an open-plan layout over two storeys with premium equipment and saunas and offer a range of classes including HYROX, lifting and endurance sessions. Due to open in early December, over 600 memberships have already been sold out of a total capacity of around 1,000.

Founded in 2014 by personal trainer Jack Gibson, Fitness Worx now operates gyms in Kenilworth, Warwick, Southam, Leamington Spa, Bristol, Stratford and two in Coventry. It prides itself on being ‘community led’ and organises regular events and competitions. In addition to small group classes, the gyms offer one-to-one coaches and personal transformation programmes.

Fitness Worx currently employs around 30 people and expects to create five new jobs as a result of the latest launch. It aims to have a total of 25 sites across the Midlands and beyond in the next 10 years. The company also secured funding from the Midlands Engine Investment Fund II last year to open its second Coventry site, and from BCRS Business Loans via the Community Investment Enterprise Facility (CIEF) in 2023 through the first iteration of the Midlands Engine Investment Fund.

Jack Gibson, founder and CEO, says: “Rugby is one of the fastest growing towns in the Midlands and has a proud sporting tradition, but it is currently underserved in terms of gyms. We aim to fill a gap in the market for a premium 24-hour venue with state-of-the-art equipment and expert personal training. This is another step towards our goal to bring Fitness Worx to every major town in the Midlands.”

Marie Kelly, Investment Manager at Frontier Development Capital, says: “Fitness Worx has built a reputation for its community focus, dynamic classes and personal transformations, and has a loyal client base of around 5,000 members. With a young, health-conscious population, Rugby is the ideal location for its latest launch, and will enable Fitness Worx to cement its position as one of the region’s leading independent fitness providers.”

David Tindall, Senior Investment Manager, British Business Bank adds: “With an impressive membership base already established and a strong community focus, Fitness Worx is well placed to address a key gap in the local market. The Midlands Engine Investment Fund II is proud to continue to support Fitness Worx in its latest venture as the business grows its position as one of the region’s leading independent fitness providers.” 

The £400m Midlands Engine Investment Fund II covers the entire Midlands region and provides equity investment up to £5m and debt finance from £25k to £2m to help a range of small and medium sized businesses to start up, scale up or stay ahead.

The purpose of the Midlands Engine Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the Midlands. The Midlands Engine Investment Fund II will increase the supply and diversity of early-stage finance for smaller businesses in the Midlands, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.