Six new jobs have been created through the opening of a gym after the owners secured £100,000 in funding.
Family-owned Fitness Worx has launched new premises in Stratford-upon-Avon, the company’s seventh training centre to open, after receiving support from West Midlands lender BCRS Business Loans via the Community Investment Enterprise Facility (CIEF) and the Midlands Engine Investment Fund (MEIF).
Having launched successful gyms focused on personal training and group classes across Warwickshire and the wider West Midlands since 2014, Fitness Worx applied for the funds for its new location and to purchase equipment.
Six new roles have been created through the launch by Managing Director Jack Gibson and his team, which includes brother Matt and colleague Chris Bryniarski, who both work as group managers for the company.
With more than 1600 members across the group, Fitness Worx specialise in offering high quality gym facilities to allow people to focus on training towards weight loss, improved fitness levels and higher strength performance.
Rather than receiving funding from mainstream lenders, Fitness Worx was introduced to BCRS Business Loans by Birmingham-based Navigate Commercial Finance. BCRS Business Loans saw the opportunity and successfully guided them through the application process.
Jack Gibson, Managing Director at Fitness Worx, said: “We want to be the market leader in our sector so opening our new premises helps us deliver the next phase of our ambitious growth plans.
“As one of the largest family-owned independent gym groups in the UK, the latest launch is another step towards realising our business goals. Applying for funding can be daunting but working with BCRS has made the whole process straightforward.
“Like all gyms the Covid pandemic caused challenges to our finances so it was great to get the personal contact and support of the team at BCRS.
“The new premises in Stratford-upon-Avon represent our biggest opening to date with what we believe is a finish of the highest quality. It is the sort of area where we have succeeded so far so we believe we can make a positive impact.”
Angie Preece, Business Development Manager at BCRS Business Loans, supported Fitness Worx throughout the loan application process.
Angie Preece, Business Development Manager at BCRS Business Loans said: “It was great to help a team with a huge amount of energy who want to grow their business. As a co-operative Community Development Finance Institution (CDFI) we are committed to helping companies like Fitness Worx to further the prosperity of the West Midlands region.
“We believe viable businesses should be supported, so we were pleased to help Jack and his colleagues realise the next phase of their growth plans.”
Navigate Commercial Finance advised the gym group during the process, after being recommended by the company’s business coach.
Adam Cooksley, Business Development Manager at Navigate Commercial Finance, said: “Fitness Worx is a fantastic business that is embarking on a new stage of growth which they pursue with confidence thanks to the working capital facility provided.
“Jack is the driving force behind the business and his hard work and experience is paying off with the latest expansion. I have enjoyed working with Angie and the team at BCRS Business Loans, who ensured the smooth completion of the funding.”
Delivered on a local level by BCRS Business Loans, CIEF is managed by Social Investment Scotland.
Alastair Davis, chief executive at Social Investment Scotland, said: “This loan to Fitness Worx, with the exciting new opening and resulting jobs, shows why the Community Investment Enterprise Facility has been set up. I wish the new team at the Stratford-upon-Avon centre every success for the future and we look forward to seeing the impact that they make.”
Business loans from £25,000 to £150,000 are available via the MEIF Small Business Loan Fund, delivered to businesses in the West Midlands by BCRS Business Loans.
Mark Wilcockson, Senior Investment Manager at the British Business Bank said: “This investment from the MEIF for Fitness Worx will support business growth, alongside job creation in the region, with new opportunities for jobs at its additional site. The Midlands Engine Investment Fund invests in SMEs in the midlands with growth potential and expansion plans – this investment shows the support funding can provide to help companies reach this potential.”
Craig Humphrey, Chief Executive Officer at Coventry and Warwickshire Growth Hub, said: “This is a great example of an innovative business thriving in our area and highlights the entrepreneurial spirit which is evident throughout Coventry and Warwickshire.
“This new venture will help Fitness Worx to continue to create jobs and boost the economy and I am sure they will go from strength to strength in the future.”
Businesses in the West Midlands region that are struggling to access finance from traditional lenders can secure loans from £10,000 to £150,000 from BCRS Business Loans.
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
