Planet Fitness completes its own strengthening and conditioning programme with support from Propel.
Planet Fitness in Tredegar, which covers 53,000 square feet, opened in January 2018 with areas dedicated to cardio, high-intensity interval training (HIIT), strength, group exercise and indoor cycling.
Owner David Jones, who also owns Planet Fitness in Aberbargoed, needed funding to purchase state of the art Core Health and Fitness equipment for the site, along with air conditioning and other fixtures and fittings, explains ”I’d used asset finance several times before and knew funding was key to getting this second gym open.”
A £450k funding package from Propel helped Planet Fitness become one of the largest privately-owned gyms, and the first official nautilus strength and conditioning site in Wales.
Equipment acquired with Propel funding includes Nautilus strength machines and StairMaster’s HIIT machines. Since opening its second site, Planet Fitness has subsequently grown its membership to 5700 over the two facilities and created ten more jobs in the process.
David Jones added, “We decided to use Propel as they have a strong relationship with the equipment suppliers and were more competitive than several other quotes received. The application process was straightforward and, in addition to the investment, we also received valuable business information from our account manager. He made several site visits and talked us through our requirements and the funding options available. We have a strong relationship and I know I can rely on Propel Finance for further investment.
Mark Catton, Group CEO at Propel, says, “We are delighted to provide a flexible funding solution to Planet Fitness as it continues to achieve its business goals. We strive to ensure our alternative finance solutions are the most competitive in the market and are proud Planet Fitness chose us for the next exciting chapter in their business’ success story. It is wonderful to see a business doing so well with a venture that can make a positive difference to the health of the local community.”
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