A £450k funding package from Henry Howard Finance has helped an independent Welsh gym become one of the largest privately-owned gyms, and the first official Nautilus strength & conditioning site in the country.
Planet Fitness in Tredegar, which covers 53,000 square feet, needed the six-figure asset finance sum to purchase state-of-the-art core health and fitness equipment for the site, along with air conditioning and other fixtures and fittings.
Owner David Jones, who also owns Planet Fitness in Aberbargoed, has used asset finance several times before and said the funding was key to getting his second gym open.
David Jones, said:
“Securing the funding has allowed us to open a second site in Tredegar, fill the gym with the latest equipment and create 10 more jobs. We decided to use Henry Howard Finance as they have a strong relationship with the equipment suppliers and were more competitive than several other quotes we received.
“The application process was straightforward and, in addition to the investment, we also received valuable business advice from our account manager at Henry Howard Finance. He made several site visits and talked us through our requirements and the funding options available. We now have a strong relationship and I know we can rely on Henry Howard Finance for further investment.”
The Planet Fitness facility opened in January 2018 with areas dedicated to cardio, high-intensity interval training (HIIT), strength, group exercise and indoor cycling. Equipment acquired with the Henry Howard Finance package includes Nautilus strength machines and StairMaster HIIT machines. Since opening its second site, Planet Fitness has grown its membership to 5,700 over the two facilities.
Mark Catton, group chief executive officer of Henry Howard Finance, said:
“We are delighted to be able to provide a flexible funding solution to Planet Fitness as it continues to achieve its business goals.
“We strive to ensure our alternative finance solutions are the most competitive in the market and are proud Planet Fitness chose us for the next exciting chapter in their business’ success story. It is wonderful to see a business doing so well with a venture that can make a positive difference to the health of the local community.”