Appointing Peter Woods as the company’s new CEO, founder Niki Rein will transition into the role of Creative Director and remain on the Board of Directors.
In making the announcement, Sunaina Sinha, Chairman of the Board of Directors explained:
“We are delighted about the investment from Octopus, which will enable us to expand rapidly throughout the UK and in Europe. Peter, as the new CEO, brings a wealth of experience in scaling fast-growing businesses in the fitness and leisure industry in Europe.”
With over 20 years of experience in the health and wellness industry, having led large teams at companies including David Lloyd Leisure, Aspria, Holmes Place and Sk:n Clinics, Woods will spearhead Barrecore’s European growth, as well as drive profits.
Operating nine studios across the UK, including London, Manchester, Bristol and Leeds, Barrecore, which launched in London in 2011, markets itself as having high-celebrity appeal. Fans of the brand’s ballet-inspired classes include Jourdan Dunn, Suki Waterhouse and Pippa Middleton.
In a bid to capitalise on increasing demand for its classes, as well as cater to consumers living or travelling outside of the UK’s urban hubs, in 2013 Barrecore launched a range of virtual classes priced at £5 each or £15 a month for a subscription – a model many of its competitors have since adopted.
As one of the pioneers of the UK’s boutique fitness market, Barrecore hopes the new investment will allow it to continue shaping the future of the barre fitness industry, both in and outside of the UK.
With the growth of boutique fitness spreading to Europe, the innovative brand is uniquely positioned as a market leader, to do so, argues Rebecca Hunt at Octopus Investments. The venture capital and private equity firm, which has previously invested in UK gym operator Gymbox and snack box manufacturer Graze, has a proven track-record of supporting sustained growth.
The fastest growing segment of the fitness industry, boutique fitness has experienced more than a 200% rise in studio openings over the last 2 years. With investment now streaming into the space, for brands like Barrecore, the UK and the rest of Europe holds significant growth opportunities. The race is on to see which brands will make the first move.