A former pizza delivery boy, 28, has become a very wealthy young entrepreneur as his fitness wear brand has been valued at over £1 billion.
Nine years ago Ben Francis, then a 19 year old student, started the company, called Gymshark, from his parents garage. It was an idea of his to produce clothing that suited people who took fitness seriously.
After the company started gaining momentum, mainly due to his efforts on social media sites, he decided to expand and last Friday Mr Francis confirmed that Gymshark had sealed a deal with an investment company who will value his company, based in Solihull in the West Midlands, at over £1 billion.
The huge valuation came about when the US private equity company, General Atlantic, decided to invest and take a 21% share meaning that Mr Francis share of around 70% is still worth £700 million.
The retail clothing business employs 500 staff and made revenues of £250 million in it’s last fiscal year. Mr Francis said that it had been a fantastic ride over the last 8 years and that this new development in the business is the next chapter in the Gymshark story.
He went on to claim that it was all about community and that the new investment will allow them to continue this but on a global scale.
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