Premium Fitness Operator Third Space Earmarks £50m For Expansion

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LONDON, United Kingdom — London-based premium fitness operator Third Space has earmarked £50m to fund further growth of its luxury health and lifestyle brand across the capital.

The plush club, which shuns the traditional ‘Induction’, in favour of a more scientific and personalised approach — including the likes of genetic and hormone analysis, as well as movement/postural analysis — will open its fifth outpost at Minster Court in the City of London, in the second quarter of 2018.

The 27,000 sq ft site, featuring a pool, members lounge, five group exercise studios, state of the art equipment and a cryotherapy chamber, will be followed by a second new opening, planned for late 2018.  Located at the recently acquired Islington Square Club, the 47,000 sq ft space will be one of the largest health clubs to open in London in recent years.

With plans to open around one site per year thereafter, the fitness brand hopes to leverage the surge in consumer spending across the British health and fitness industry, which is now worth more than £4bn.

“Our core customer – working professionals – are ever more committed to their training, and as in any area of personal interest, when people are into something they want the best,” commented Third Space CEO, Colin Waggett.

“Our combination of substance and style appeals to these people. We clearly see the development of the top market continuing, through both boutique and full-service clubs, and we intend to be a leading part of that growth,” he added.

Premium Fitness Operator Third Space Earmarks £50m For Expansion

Image: Third Space City

According to Third Space, its existing clubs continue to benefit consumers’ insatiable appetite for premium health and fitness offerings. Having started life 15 years ago, today the business caters to over 16,000 members across its four London sites, including Canary Wharf — the largest club in Europe.

Last year, the brand saw its sales jump 17% to £23m, in 2018 revenue is expected to leap to approximately £33m. With membership levels currently capped at its current sites, the fitness operator’s planned openings will help to ensure its strong performance continues.

Staying true to its carefully curated combination of substance and style, At Third Space City in Minster Court, members can expect all of the ingredients necessary for an all-round fitness and wellness program, revealed Waggett.

At Islington, to meet the needs of the local demographic, the club will feature a ‘Little Space’ providing families and children with a range of facilities and experiences, including a dedicated family pool for swim school, a kids sports hall for kids classes, as well as a crèche and family café.

Meanwhile, as the business continues to strengthen its foothold on the UK market via expansion, the brand itself is rapidly evolving its Personal Training and Group Exercise propositions to meet consumer preferences.  

“Around half of our members’ visits are either for a class or for a PT session – these are industry-leading metrics – and underpin the quality of training and value for money that our members are getting,” Waggett told Welltodo.

“We have effectively taken down the walls to the studios, with more and more classes taking place on the gym floor, on our treadmills and on our rigs, and with The Yard in Canary Wharf coming later this year, that will enable us to launch small group Personal Training and Team Training concepts,” he added.

Combine that with the other focus of the business; Third Space Medicine, which provides more integration with its Personal Training and blood, cardiac and hormone testing, and Waggett is confident Third Space will continue to provide a truly 360-degree service.

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