Walker Morris advises Xercise4Less in funding deal for expansionPrint news article
Finance lawyers from Walker Morris have advised budget gym operator Xercise4Less on securing a £5.5 million finance package from Lloyds Commercial Banking to facilitate expansion.
The company, which was founded by former professional rugby player, Jon Wright in 2006, plans to use the funds to launch 15 new sites across the UK this year, and rollout 100 gyms over the next five years.
Xercise4Less, which is headquartered in Leeds, currently has a membership of over 120,000 people across its 15 gyms in the north of England. It now plans to expand into Scotland and southern England, creating around 4,000 jobs.
Mr Wright, chief executive at Xercise4Less said:
“This further support from Lloyds Bank will enable us to accelerate the rollout of our large format budget gym offering, which is deep rooted in providing the best variety of equipment at the lowest price to our customers.”
Walker Morris team previously advised Xercise4Less on a £5 million equity investment from Business Growth Fund in 2013.