Midlands Engine Investment Fund II announces investment in independent gym chain

Fitness Worx, a fast-growing independent gym chain based in the West Midlands, has taken the next step in its growth journey, securing the first large debt finance investment from the Midlands Engine Investment Fund II.

The gym chain has secured a £320,000 debt investment facilitated by the fund’s appointed fund manager for the West Midlands, Frontier Development Capital, to enable it to open a second gym in Coventry.

A new 12,000 sq ft facility at Cannon Park Shopping Centre will open in September, creating eight new jobs in the area. It will also act as the company’s head office and provide space to accommodate its growing team. The funding will be used to fit out the building, buy equipment and provide additional working capital.

Fitness Worx was founded in 2014 when personal trainer Jack Gibson opened his first gym in Kenilworth. The company has since added sites in Warwick, Southam, Leamington Spa, Bristol, Coventry and Stratford and now employs a total of 32 staff across the different locations. The existing Coventry gym, which is in Tile Hill, opened in 2021 but has already reached full capacity in terms of membership numbers.

Fitness Worx prides itself on being ‘community led’ and organises regular events, festivals and competitions to engage members and help them get to know each other. The gyms use cutting-edge equipment and offer a wide range of small group classes, along with one-to-one coaches and personal transformation programmes.

The new site is part of the company’s long-term growth plan, which aims to have a total of 25 sites across the Midlands and beyond in the next 10 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.