The Gym… bulking up

RSM has successfully completed the financial due diligence on behalf of HSBC to secure an additional £5.5m expansion funding for The Gym (bringing total HSBC funding to £17.5m).

The client

The Gym is now an established provider of affordable, flexible and accessible gym membership with 24 sites open and a strong pipeline to get to over 30 sites open or in fit-out by the end of December 2012. Its contract-free, value for money concept has been a hit with both existing and new gym users, reflected in the rapid growth it has achieved.

What RSM did

RSM undertook the due diligence on behalf of HSBC when it provided the initial facilities for The Gym in 2010, and we used this knowledge to perform the further due diligence on the facility extension. The deal was again backed by further investment from Bridges Ventures LLP as it continues to support this successful concept.

Testimonial

'The role played by David and the RSM team was critical in allowing HSBC to increase our support to this exciting innovative business.'

Mark Hutchings, Corporate Banking Manager, HSBC Bank plc

Transaction team

David McCulloch, Partner