SME refinancing allows UK gym chain to expand
Newcastle-based investment firm Middleton Enterprises today announces its funding of OneGym, owners of a chain of gyms across the North East.
Middleton Enterprises ‘Growth Capital’ offering have invested into OneGym, following the success of the brand since it opened ten years ago. The new partnership will help OneGym scale up its operations and expand across the region to become one of the leading gym chains in the North East.
Founded in 2012, OneGym currently has fitness centres in six locations across the North East, each kitted out with state-of-the-art equipment and facilities such as saunas, sunbeds, and free exercise classes. Flexible low cost, peak and off-peak memberships give access to all gyms at no extra cost.
OneGym’s co-founder, David Pearson, says: “Coming out of the pandemic was difficult for any business in the leisure and hospitality sector, but having the support from Middleton Enterprises reinvigorated our ambition. We are already working on plans to open multiple new sites and are utilising Middleton Enterprises’ experience to refinance and grow the business.”
Jeremy Middleton, CEO of Middleton Enterprises, adds: “We know from experience that gyms represent a great investment opportunity. Memberships generate a recurring revenue model. The economics just make sense and OneGym has a proven track record.”
“We want to be part of their growth journey,” he continues. “Our plan is not to come in, take over, and impose conditions. We want to give the co-founders Paul and David the flexibility, support, and time they need to succeed.”
Middleton Enterprises is a family-owned business in Newcastle Upon Tyne which provides Growth Capital to established, profitable SMEs. Its team of investment professionals work with successful entrepreneurs, helping them to grow their businesses. In addition to OneGym, recent investments include Alertacall, a provider of enhanced housing management and digital telecare to improve health & safety, repairs reporting and detect changing needs, and the pioneering modular housing company, ilke Homes.
