LONDON, United Kingdom — London-based premium gym chain Third Space is gearing up for expansion following new investment from KSL Capital Partners.
The luxury health and fitness brand’s ambitious plans include bringing its offering to more locations throughout the capital, such as Number One Curzon St. later this year. In addition to its iconic clubs, Third Space has also said it plans to continue to develop its brand outside of the club environment, both digitally and in new settings.
Speaking about its exciting new chapter, CEO Colin Waggett shared how the investment would open up significant opportunities for Third Space, which is recovering swiftly from the pandemic.
“Our brand has never been more in demand from landlords looking to differentiate their developments, and we are excited at the prospect of taking Third Space to more parts of London. We have committed investors in Encore and with the addition of KSL, we are uniquely placed to capitalise on these opportunities,” he revealed.
Launched back in 2001, Third Space has cemented itself as one of the pillars of London’s fitness scene. Operating a portfolio of clubs in iconic locations across the capital, including Canary Wharf, Tower Bridge, Soho, Marylebone, Tower Bridge, and Islington. It currently employs 600 full-time staff.
Its sixth location — a £10 million full-service club in Islington — opened at the beginning of 2020 shortly before the global pandemic took hold. The 47,000sq ft space is the largest health club to open in London for more than 10 years, housing a 7,000sq ft “arena space” for flexible training, a six-lane, 20m swimming pool and a separate, dedicated kids’ club called Little Space which caters for the local community.
Despite recent challenges, Waggett told Welltodo that the launch of the family-orientated concept, alongside the experience of the last 18 months had only served to intensify the brand’s search to broaden its locations.
“We are big believers that all parts of London will bounce back, including the City, and so having a network of clubs where people can experience Third Space near their home and near their work is the goal. We expect to be able to announce a few new sites in the not too distant future,” he revealed.
Despite a renewed focus on expansion, the fitness chain also remains focused on being able to provide an amazing club experience in both its existing and new locations.
“That is what most people still want, and we don’t see that changing,” Waggett told Welltodo.
“People are looking for inspiration, a social experience and the opportunity to train in a way that is not possible in a home environment,” he continued.
Given the experience deprivation of lockdown, Waggett shared that providing a really personal, inspiring experience in a really clean and beautiful club is more important than ever. And that Third Space would continue to innovate in its classes, and its offering.
However, as the fitness industry continues to shift towards a more omnichannel approach, the brand’s digital platform is also high on the agenda.
“We will continue to develop this so members can experience Third Space wherever they are. Our members like the fact that they can train online with instructors whose classes they have also experienced in person, and so know. Generally, a personal experience wins out every time,” he commented.