Foresight invests £4 million growth capital into Ten Health & Fitness
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London, 27 June 2019: Foresight Group LLP (“Foresight”) announces a £4 million growth capital investment into Ten Health and Fitness Limited (“Ten” or “the Company”), a fast-growing provider of health and fitness services in London.
Ten was founded in 2007 by Joanne Mathews, Managing Director, after a serious car accident revealed a potential gap in the market for providing an integrated service combining fitness with rehabilitation. Ten opened its first studio in Notting Hill and following early success, the Company has experienced considerable growth and now operates eight studios across London including sites in Notting Hill, Chiswick, Mayfair, City of London and St James’s, with expansion plans imminent.
One of the pioneers of the boutique fitness sector, Ten is the only London provider to bridge the gap between the world of fitness and the medical sector. Ten is acknowledged as one of London’s leading exponents of Dynamic Reformer Pilates, whilst also providing its growing customer base with one-to-one training and selected small-group fitness classes (including HiiT, Yoga and Barre) along with in-house Physiotherapy and Massage Therapy.
In 2018, the company leveraged its reputation and referral network amongst leading surgeons, consultants and private hospitals to launch TenClinical; offering specialist exercise prescription to clients living with the effects of life-altering clinical diagnoses, including heart disease, cancer and diabetes – a population that is largely unsupported by the mainstream fitness industry.
The investment from Foresight will drive forward plans to roll out the Ten brand to additional locations across Greater London, doubling the size of the business within three years. Alongside the investment, Foresight has enabled the company to strengthen its management team by introducing a new Chairman, with the appointment to be announced shortly.
Commenting on the investment, David Turner, Senior Investment Manager at Foresight, said: “We are excited by the opportunity to partner with Joanne and the wider team to support their growth ambitions. Ten has a unique proposition in the wellbeing and clinical fitness markets and this is an exciting time in the Company’s journey.”
Joanne Mathews, Founder and Managing Director of Ten, added: “We’re really happy to be partnering with Foresight on the next stage of Ten’s evolution. Our mission has always been ‘to
bring more Ten-ness to more people in more places’, and we’re really excited about being able to drive the pace of growth in line with our ambitions, with the goal of becoming the market leader in wellness within the boutique health and fitness sector.”
Advisers on the deal included:
Corporate Finance: Tamweel Capital (Company)
Legal: RW Blears (Foresight) and Trowers & Hamlins (Company) Financial due diligence: Price Bailey (Foresight)
Commercial due diligence: Latitude Partners (Foresight) Management due diligence: Catalysis Advisory (Foresight) Insurance: Vista Insurance Brokers (Foresight)
For further information contact:
Amy Smith, Communications Executive, Foresight Group firstname.lastname@example.org/020 3667 8179
NOTES FOR EDITORS
About Foresight Group LLP ("Foresight”):
Foresight is a leading independent infrastructure and private equity investment manager which has been managing investment funds on behalf of institutions and retail clients for more than 35 years.
Foresight has £2.9 billion of Assets Under Management across a number of funds, including Listed Vehicles, Limited Partnerships, Enterprise Investment Schemes (EISs), Venture Capital Trusts (VCTs) and Inheritance Tax Solutions using Business Property Relief (BPR).
Foresight’s Private Equity team, comprising 24 investment professionals, pursues four discrete but complementary investment styles: Venture, Impact, Growth and Replacement Capital through its growing regional office network.
Foresight was recently named Fund Manager of the Year at the PLC Awards. Foresight was awarded ‘Generalist VCT of the Year’ at the Investment Week Tax Efficiency Awards 2018/19 and was a finalist in the 2018 Unquote British Private Equity Awards as Venture and Growth Capital House of the Year. In 2017, Foresight was voted ‘Best VCT Investment Manager’ at the Growth Investor Awards, having been previously awarded ‘VCT House of the Year’ at the 2016 Unquote British Private Equity awards.
Foresight is headquartered in London with regional UK offices in Manchester, Nottingham, Milton Keynes, Leicester, Edinburgh and Guernsey and international offices in Sydney, Rome, Madrid and Seoul.