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£1million equity deal for reformer Pilates company

Press release 26 September 2024

Photo of Reform RX founders Yvette and Neil McGaffin with Mark Sterritt from British Business Bank and Claudine Owens from Clarendon Fund Managers in a gym room with reformer pilates equipment

Clarendon Fund Managers leads Investment Fund for Northern Ireland deal into Reform RX.

A reformer Pilates company, which has cemented deals with some of the world’s most luxurious hotels and counts Hollywood A-listers among its fans, has secured a £1million equity deal from the Investment Fund for Northern Ireland.

The investment into Reform RX, which was led by Clarendon Fund Managers, totals £1.5million with a number of existing and new Angel investors also joining the round.

The flagship deal is the largest single investment into one company ever completed by Clarendon, the equity fund manager for the Investment Fund for Northern Ireland.

It will enable the Belfast-founded company to invest in its team and target new markets as part of its mission to democratise Pilates and make it available to everyone.

Founded by husband-and-wife team, Neal and Yvette McGaffin, Reform RX have torn up the rule book when it comes to reformer apparatus for Pilates.

Their innovative model is the world’s first connected reformer, meaning users can take part in streamed on-demand classes, connect to wearables and receive meaningful metrics from their work-out.

We have owned and operated Pilates studios in Belfast and Edinburgh for almost a decade now, but instead of continuing with that model we took some time to step back and evaluate the industry.

We decided we would create our own reformer and, alongside our brilliant design team, we really immersed ourselves in the design and innovation of our concept which takes some design inspiration from Formula One racing cars.

Coming out of Covid we launched in the US and within two months we had sold out and completed $2.3million in sales.

We have deals in place with Mandarin Oriental Hotels, The Ned in London and Casa Cipriani in New York as more luxury hotels expand their gym offering inline with guest needs. Our reformers have also been bought by a number of Hollywood stars but unfortunately we can’t reveals those names.

Yvette McGaffin Co-Owner, Reform RX

Yvette said partnering with Clarendon Fund Managers and completing the Investment Fund for Northern Ireland deal will help the company take the next step in its growth.

She said: “As our reformer is connected it means we are a hardware, software and media company all rolled into one. We create our own content which is recorded monthly from our virtual studio on the Lisburn Road in Belfast and streamed to users all over the world.

“Clarendon told us we have been on their radar for some time now and it was very encouraging to discover that we are both on the same page when it comes to the development of Reform RX."

Clarendon Fund Managers Investment Manager, Claudine Owens said she has watched Reform RX’s journey and believes there is much more to come from this innovative company.

The £1million deal with the Investment Fund for Northern Ireland will serve as a stepping stone for Reform RX to take them to the next level in their development.

With Neal and Yvette at the helm, Reform RX is an ambitious company and we share their vision for the future. This flagship deal will certainly help stimulate growth, expand their team and explore new markets.

The deal is the largest we have ever completed with a single company here at Clarendon, which is a reflection of the confidence we have in the team at Reform RX. I can’t wait to see how their journey develops from here.

Claudine Owens Investment Manager, Clarendon Fund Managers

Reform RX have taken their extensive experience in the Pilates industry and applied it to developing something which has the power to transform the whole industry.

This is an exciting young company with people at the head of it who are passionate about what they do. Developing a connected reformer is a world first and the sales in the US alone demonstrate just how popular it is.

Northern Ireland has some excellent businesses who put innovation at the heart of everything they do but with the support of the Investment Fund for Northern Ireland, they can really make their mark.

Mark Sterritt Director, Nations and Regions Investment Funds, British Business Bank

The £70million Investment Fund for Northern Ireland offers a range of commercial finance options including debt finance and equity investment to support businesses from all sectors in Northern Ireland and at different growth stages.

Clarendon Fund Managers provides equity stakes in businesses up to £5million while Whiterock manages the debt fund, offering loans of £25,000 up to £2million.

Further Information

If you are a journalist and have a media enquiry, please contact mediaenquiries@british-business-bank.co.uk.

Notes to editors

About the Investment Fund for Northern Ireland  

Operated by the British Business Bank, the Investment Fund for Northern Ireland (IFNI) provides a mix of debt and equity funding. IFNI will offer a range of commercial finance options with debt finance from £25k to £2m and equity investment up to £5 million. It works alongside the various support and funding organisations from across Northern Ireland as well as local intermediaries such as accountants, fund managers and banks, to support Northern Ireland’s smaller businesses at all stages of their development.

The funds in which the IFNI invests are open to businesses with material operations, or planning to open material operations, in all areas of Northern Ireland.

Supported by Nations and Regions Investments Limited, a subsidiary of British Business Bank plc, the Bank is a development bank wholly owned by HM Government. Neither Nations and Regions Investments Limited nor British Business Bank plc are authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA).

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