Athleisure company started by teenager appoints advisers to help raise more than £100m


Athleisure company started by teenager and his friends appoints advisers to help raise more than £100m

An athleisure company started by a teenager and his friends has appointed advisers to help raise more than £100m.

Gymshark, one of Britain’s fastest growing clothing brands, is hoping to use the money to help it expand in the US and Asia. The company doubled its annual sales this year and last, taking its turnover from £41m in the year to July 2017 to about £200m last year.

Pre-tax profits rose at a similar rate to almost £18m.

Working out: PwC will advise the company, founded in 2012, in finding an equity investor or raising debt to pull in £100m

Working out: PwC will advise the company, founded in 2012, in finding an equity investor or raising debt to pull in £100m

The company was founded by Ben Francis, who is also a member of Downing Street’s business advisory board, while he was a student in Birmingham.

PwC will advise the company, founded in 2012, in finding an equity investor or raising debt to pull in £100m, the FT reported.

The company employs 400 staff, selling to 180 countries from its headquarters in Solihull.

The business has no High Street presence and markets itself using fitness influencers, who have large social media followers, and events.

Chairman Paul Richardson said: ‘We are only just getting started.

‘Our ambition is to make Gymshark a household name.’

READ  Sensex drops 300 pts on weak global cues, Nifty slips below 11,300; YES Bank surges 19%



READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here