We have a compelling proposition in a robust and growing market for high value, low cost fitness, which can be scaled efficiently and sustainably. We take a data-driven approach, utilising technology and economies of scale to provide a demonstrably great value member experience, whilst also delivering strong financial returns.
What we do
- Market-leading low cost gym experience drives growth in membership base
- Significant advantages from scale-efficient model: operations, technology, brand and marketing
- With scale we can achieve strong financial returns which enable reinvestment to drive further growth
Our business model
Our Next Chapter growth plan
By taking a data-driven and tech-enabled approach to growth, and leveraging the benefits of scale, our strategy is to grow sustainably from free cash flow and deliver strong returns for shareholders.
The framework of our Next Chapter growth plan is three components – firstly to ‘Strengthen the Core’ of our business to increase returns from the existing estate. This funds the second part of the plan to ‘Accelerate Rollout of Quality Sites’, in turn creating optionality to thirdly ‘Broaden our Growth’ as we develop our proposition into new channels, new adjacencies and/or new markets.
Under our plan to ‘Strengthen the Core’, we identified a number of growth drivers that are delivering increased returns in our existing estate and underpin the attractive returns we continue to drive from our new sites. The key initiatives under this plan fall into three categories:
- Pricing and Revenue Management;
- Member Acquisition; and
- Member Retention.
Each of these categories are driving like-for-like growth in our mature estate, delivering a strong improvement in returns in both 2024 and 2025. Further information about the initiatives under each of these categories and the progress we have made in 2025 is set out on pages 14 to 16 of the 2025 Annual Report.
Our market is continuing to enjoy structural growth and is benefiting from tailwinds such as the higher importance placed by Gen Z on health and fitness and the increasing prevalence of weight loss treatments (GLP-1s). The Market Review section on pages 10 to 11 highlights some of these factors.
As part of the Next Chapter growth plan, we originally set out a three year plan to open 50 sites funded from free cash flow delivering ROIC of 30%. In January 2026, we confirmed our intention to accelerate this programme to add c.75 sites over the coming three years. We intend to continue testing sites both slightly smaller and slightly larger than our typical footprint of 10-15k sq ft, maintaining our disciplined site selection to deliver our target 30% returns. Further information about the progress we have made in 2025 is set out on pages 17 to 18 of the 2025 Annual Report.
The successful execution of the first two components of the Next Chapter growth plan will create further options to ‘Broaden our Growth’. We have initiated a new channel, via our partnership with Wellhub, a leading corporate wellness platform, which gives us access to a significant cohort of incremental new members.
We continue to make a strategic assessment of medium term growth options which may include:
- further developments to our existing proposition;
- format innovation;
- alternative channels to market; and
- introducing new adjacent revenue streams to complement our existing business.
Further information about the progress we have made in 2025 is set out on page 19 of the 2025 Annual Report.
