Revenue & Membership GrowthThe Gym has delivered consistent multi-year top-line expansion and rising membership, with revenue growing from ~£80m in 2020 to ~£245m in 2025 and recent membership increases. Sustained customer growth and higher ARPM support durable demand, scale benefits and recurring revenue visibility.
Strong Cash GenerationOperating cash flow materially exceeds reported earnings and FCF is positive, providing recurring internal funding for capex, site rollouts and debt paydown. Reliable cash conversion underpins durability of operations and reduces reliance on external financing over the medium term.
Proven Expansion With High ROICA repeatable rollout delivering ~30% ROIC indicates a scalable, capital-efficient model. Controlled, high-return expansion can drive sustainable revenue and profit growth, while a clear three-year site plan supports predictable capacity increases and compounding returns.