Total Fitness powers growth ambitions

A health club operator is gearing up for its next phase of expansion after securing new funding to support investment and growth initiatives.

Total Fitness has completed a strategic recapitalisation, securing a £15 million financing package from OakNorth to strengthen its balance sheet and fund future development. 

The deal includes £13.5 million in senior debt alongside a £1.5 million revolving credit facility, refreshing existing arrangements and providing additional flexibility.

Total Fitness operates 16 mid-market health clubs across the North of England and Wales and has delivered a sustained period of strong performance. 

With the refinancing complete, bosses say the group is now focused on rolling out its next growth phase, including plans to develop standalone The Women’s Gym clubs following the success of dedicated spaces within existing sites.

Tom Rayner, chief financial officer at Total Fitness, said: “This recapitalisation marks an important milestone for Total Fitness, creating a well-invested platform for the next phase of our growth. 

“We are committed to continuing our investment in our people, our facilities, and the overall experience we offer members. 

“The continued support of NorthEdge, RooGreen Ventures and our dynamic banking partner OakNorth demonstrates their confidence in the business today and in our ambition for the future.” 

Continued investment across the estate also forms a key part of the strategy, with refurbishments recently completed in Bolton, Sefton, Wrexham and Lincoln, alongside ongoing upgrades at its Wilmslow club. 

New membership add-ons, including a recently launched Friend Pass, are also expected to drive engagement and growth.

The transaction builds on Total Fitness’s existing relationship with OakNorth and was supported by Dow Schofield Watts Debt Advisory and Pannone Corporate, while OakNorth was advised by Browne Jacobson. 

Stewart Haworth, senior director of debt finance at OakNorth, added: “We’re delighted to be supporting Total Fitness once again as it embarks on the next chapter of its growth journey. 

“Since partnering with the business in 2023, we’ve been impressed by the strength of its leadership team, its commitment to continuous improvement across the estate, and it’s clear vision for enhancing the member experience. 

“This new financing package reflects our confidence in the Group’s strategy and its ability to deliver sustained growth.”

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