London health club business Gymbox has attracted investment of £1.3 million from growth capital provider Octopus Ventures.

London health club business Gymbox has attracted investment of £1.3 million from Octopus Ventures.

The investment from Octopus on behalf of the government’s Capital for Enterprise (CfE) fund will be used to open additional Gymbox sites, initially in the capital.

The company, which reported turnover of £4.2 million and pre-tax profits of £1 million last year, currently operates three gyms in central London. It plans to open in two more locations in the city by the end of this year.

Gymbox was founded in 2000 by its MD Richard Hilton.

The investment from Octopus marks the tenth deal for the company so far this year.