Fitness Worx to open second Coventry gym thanks to Midlands Engine Investment Fund II
Growing chain Fitness Worx is poised to open a second gym in Coventry, thanks to a £320,000 debt investment from the Midlands Engine Investment Fund II.
The new 12,000 sq ft facility at Cannon Park Shopping Centre will also be the head office and open this September, creating eight new jobs. It will add to the existing Coventry gym, in Tile Hill, which has already reached full membership capacity.
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Fitness Worx was founded ten years ago when personal trainer Jack Gibson opened his first gym in Kenilworth, Warwickshire. It now has sites in Warwick, Southam, Leamington Spa, Bristol, Coventry and Stratford and employs 32 staff.
Jack Gibson, founder and CEO, said: "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."
Operated by the British Business bank, the £400m Midlands Engine Investment Fund II covers the entire Midlands region and provides debt finance from £25,000 to £2 million and equity investment up to £5 million to help a range of small and medium sized businesses to start up, scale up or stay ahead.
The investment was facilitated by the fund’s appointed fund manager for the West Midlands - Frontier Development Capital (FDC).
Marie Kelly of FDC said: "Jack is an impressive operator with a clear vision for the business. His model creates a strong sense of community and a loyal membership with a very low turnover rate. We are pleased to be able to support him on his growth journey."
David Tindall, Senior Investment Manager at British Business Bank, added: "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."
The new site is part of Fitness Worx's long-term growth plan, which aims to have 25 sites across the Midlands and beyond in the next ten years.
The latest investment follows funding from the first Midlands Engine Investment Fund, where the business received £100,000 through BCRS Business Loans via the Community Investment Enterprise Facility (CIEF) in 2023.
