Lead investor, Bridges Ventures, has agreed to incremental commitments in the fundraising deal as the company implements a growth strategy to increase from 14 to 50 gyms in two years. The company aims to acquire 20 sites next year. HSBC has provided a revolving credit facility that will also support the gym rollout.

Gym Group CEO John Treharne says the fundraising is ‘testament to the robustness of The Gym’s business model and our continued delivery against its objectives’ at a time when it remains difficult for growing businesses to secure finance.

Adds Treharne: ‘The funding will enable The Gym to continue its ambitious expansion strategy with the focus on densely populated residential, and city centre retail and mixed use regeneration developments across the UK.’

Treharne, a former accountant and England squash player, established Gym Group in 2007 and opened the first site in west London in June 2008.