Fitness First, the UK health club operator owned by Cinven, has sold London-based leisure and fitness club Gymbox to CEO Richard Hilton. The deal was funded by HSBC.
Gymbox was created in 2001 by Hilton with the backing of Fitness First. Two years later, in June 2003, the €4.4bn Third Cinven Fund bought Fitness First in a €580m take private deal. Cinven declined to disclose whether they had made any money from the divestment.
Gymbox’s success lies in its unique classes such as the martial arts based Warrior Workout and Cage Fighting, a self-defence class taught by a professional American cage fighter. Other classes include Boob Aerobics, the Shag Workout and Bitch Boxing, a female-only boxing class taught by an ex-world champion.
Gymbox plans to roll out the concept with several further sites planned in London and other large UK city centres.