LONDON, United Kingdom — UK fitness operator Boom Cycle has announced the appointment of fitness industry veteran David Lloyd as non-executive Chairman, to support its latest stage of strategic development and growth.
According to the seven-year-old brand, expansion outside the capital is planned for the coming years, and Lloyd’s expertise will be invaluable as the company undertakes this growth.
“We are thrilled that David Lloyd is joining us as Chairman,” commented Boom Cycle Co-Founder Hilary Rowland.
“Every single week we deliver thousands of exhilarating classes to happy riders, all done in our particular style, all delivered by our energetic and committed team members. Mr Lloyd joining as Chairman means we can grow even faster and deliver our unique experience to more riders.”
Founded in 2011, as the first boutique cycling brand to open a studio in the capital Boom Cycle has established itself as a pioneer in the boutique fitness sector.
Having grown from one to four sites located in Holborn, Hammersmith, Monument and London’s iconic Battersea Power Station development, since 2014 the brand has seen average year on year attendance growth of 47% and average year on year revenue growth of 77%.
Currently valued at £7,000,000 and with revenue set to grow by 30% in 2018, Boom intends to continue strengthening its position in the market as it enters its most ambitious growth stage yet.
A further 10 sites are planned over the next 5 years, Co-Founder Robert Rowland recently told Welltodo.
“We’re proud of what we have accomplished at Boom Cycle, and delighted that David is joining as Chairman to add his renowned experience and network to our cause,” commented Rowland.
“It’s also timely since it’s a great opportunity for the public to participate in our crowdfunding, now available on CrowdCube.”
Having already raised 62% of its target through existing investors and valued riders, Boom Cycle aims to reach a minimum of £750,000 via the crowdfunding platform. The brand is offering riders the opportunity to join its journey with a minimum investment amount of £10. New shareholders will join existing backers Nectar Capital, Andurand Capital, Prism Finance and Pembroke VCT whose previous investments include Plenish, Blaze and KXU.
According to Rowland, 2017 was a seminal year for Boom, which completed a brand overhaul, opened two studios, acquired a competitor, and re-opened that site under the Boom Cycle brand.
“We started with a tiny basement space in a back street in Shoreditch but our ambitions have always been the same, to make Boom Cycle a national brand recognised all over the UK,” he commented.
“We’ve set ourselves up for success with fantastic locations, an experienced and passionate team and the recent hire of David Lloyd as Chairman and are really excited to open up investment to our riders and the wider public to allow them to become an even more ingrained part of the Boom Cycle story.”
As for Lloyd, who founded David Lloyd Leisure back in 1982, Boom’s compelling and differentiated customer proposition was too enticing not to be a part of.
Speaking about the brand, he acknowledged: their “customer engagement is remarkable, execution of the customer experience is unique, and margins are strong. They have proven themselves as the leader in this space, and we expect the company to grow both by organic expansion as well as a consolidator of the sector going forward.”