The owner of Planet Fitness, a gym facility in Bargoed, has acquired a new 30,000 sq ft premises in Tredegar after receiving a £500,000 finance package from HSBC.
The new gym totals 53,000 sq ft – more than double the size of the existing premises – making it the largest privately owned gym in Wales. The new facility will include state-of-the-art Nautilus gym and spin equipment, making it the largest Nautilus-equipped gym facility in Europe, as well as a dedicated women’s area and an AstroTurf pitch.
Once open in January 2018, the new £1.2 million facility will employ four full-time and four part-time members of staff and is expected to attract 3,500 to 4,000 new gym members.
The funding package is made up of a £230,000 commercial mortgage, a £100,000 term loan to build a new roof and £170,000 of refinanced debt following the switch to HSBC.
David Jones, owner of Planet Fitness, said:
“It has always been an ambition of mine to open a second Planet Fitness, but I’ve spent the last 20 years expanding the Bargoed site to accommodate our growing client base – it’s gone from a couple of hundred members to 3,000 active members in that time, but now there’s no more room! When the property in Tredegar became available I jumped at the chance, and my HSBC relationship manager, Andrew Arnold, moved quickly to ensure the funding was in place and the process was straightforward as possible.”
Alan Thomas, HSBC’s Area Manager for South Wales, commented:
“HSBC is dedicated to helping businesses grow and realise their ambitions, so we are delighted to support David’s plans to open a second Planet Fitness. The funding for the new premises has been allocated from HSBC’s national £10 billion SME Fund, with £500 million specifically dedicated to SMEs in South Wales.”
The new Planet Fitness facility in Tredegar will open to the public in January 2018 following an extensive renovation and fit-out project.