UK Luxury Gym Third Space Secures $107M To Fuel Growth
The posh fitness brand is known for its opulence, having attracted high-profile clientele such as Prince Harry, David Beckham and Guy Ritchie
Third Space, a London-based luxury fitness lifestyle brand, has received £88.5 million ($107.4 million) to support the growth of its footprint and its team. The posh fitness brand is known for its opulence, having attracted high-profile clientele such as Prince Harry, David Beckham and Guy Ritchie.
Neo bank OakNorth and private investment firm Searchlight Capital Partners are leading the financing for the health club that launched in 2001.
Third Space’s portfolio includes eight clubs across London that are centered around group fitness classes with gym equipment and opportunities for personal training. Depending on the club’s location, some Third Space facilities boast swimming pools, climbing walls, altitude chambers, spas and medical centers.
The health club has reportedly signed a 25-year lease into the Bayswater development in London across three floors.
Colin Waggett, Third Space’s CEO, noted that the health club is experiencing strong membership demand, with most clubs having to waitlist interested clients. He sees London residents eager to invest in their health and wellness, as indicated by their willingness to wait months for a chance to join Third Space.
“Our business sits at the heart of Londoners’ desire for health and fitness, authentic experiences and luxury service, and Third Space is uniquely positioned to meet these demands,” Waggett said. “We are pleased to have support from both OakNorth and Searchlight, and we look forward to opening more clubs in residential locations to complement our excellent central London sites and enhance member value, as we know that members like to use a club close to home and work.”
While it’s certainly a place to see and be seen, Third Space’s classes are wide-ranging from everything from strength training, sculpting, HIIT and spin. Other sessions satisfy the mind and body, with sound baths, Pilates, and several yoga formats. Boxing and dance are also available at the luxury fitness operator, as are expert nutritionists and personal trainers.
OakNorth’s senior director of debt finance, Deepesh Thakrar, commented on Third Space’s loyal clientele, calling it a “phenomenal brand” backed by the well-recognized KSL Capital.
“Over the past twenty years, Third Space has established itself as a true leader in London’s burgeoning health market,” said Oliver Haarmann, Founding Partner at Searchlight.
