Gymbox fights free
Article Date: Jan 07 2005Former marketing executive Richard Hilton has completed the management buy-out of offbeat fitness club operator Gymbox, just 15 months on from the opening of its first outlet.
Though Hilton founded Gymbox – provider of a range of atypical fitness classes from ‘warrior workouts’ and ‘cage fighting’ to ‘boob aerobics’ – the majority stake was hitherto held by health club rival Fitness First, which is itself backed by pan-European venture capital outlet Cinven. Now, however, Hilton has firm control over the business and says that, post-purchase, he intends to utilise the unique product offering to roll out Gymbox ‘across London and other major UK cities in 2005’.
Accountancy firm Baker Tilly acted as lead adviser to Hilton and his team, in a deal reportedly worth £3 million.
