Wilmslow fitness group secures £6.5 million refinancing

Wilmslow based health and fitness club operator, Total Fitness, has secured a £6.5 million loan from OakNorth Bank.

The loan will refinance an existing debt facility, as well as support the refurbishment of several of Total Fitness’s clubs. The deal also includes a debt accordion to support future growth opportunities.

Founded in 1993 and based in Wilmslow, Total Fitness has over 93,000 members across 15 health and fitness clubs in the North of England and Wales. Employer over 600 people nationwide, the business previously secured the backing of private equity firm, NorthEdge Capital in 2015.

CEO, Sophie Lawler, was also the first female CEO in the UK’s private health club sector when she joined the business in 2018. Commenting on the refinancing deal with OakNorth, she said:

“As a team with an exciting story and a unique strategy for the future, we have been thoughtful about the right partner to support us through this next chapter. Our experience with OakNorth was hugely exciting – we found them to be dynamic and entrepreneurial, but with an appreciation for rich insight and considerate decision-making. Total Fitness creates spaces and opportunities for members to achieve more than they thought possible through fitness – we operate superscale health clubs in the North of England and Wales although our ambitions expand way beyond that model of club, and we’re delighted to have OakNorth partner with us for the future.”

Tom Rayner, CFO of Total Fitness, commented:

“We’re thrilled to be commencing our next stage of growth alongside a funding partner who is committed to supporting us in advancing our purpose, that everyone is better fitter. This refinancing has enabled the business to invest in its future and will be the underpin for further growth in our member base and rich, varied offering. At a time when the nation’s fitness is more important than ever, our exciting new spaces and opportunities will further strengthen our commitment to lifelong fitness.”

Stewart Haworth, Director of Debt Finance at OakNorth, added:

“Total Fitness is a very well-known regional health club brand that has an excellent reputation across the North of England and Wales. It is testament to Sophie’s vast experience in the fitness industry and the impressive leadership skills of her and her team that the business has successfully navigated challenging times of both the pandemic and the current cost-of-living crisis. The combination of the health and fitness industry’s forecasted growth with Total Fitness’ superior member proposition and well invested sites, has put the business in the perfect position to capitalise on these tailwinds. Sophie’s rise from gym instructor to leading on divesting health club sites across Europe, to now becoming the first female CEO in the UK’s private health club sector is truly inspiring and we look forward to building a strong relationship with her and the Total Fitness team over the long term.”