Total Fitness, the mid-market health club operator with 16 sites across the North of England and Wales, has completed a strategic recapitalisation to support the next stage of its growth plans.
The group has secured a £15 million financing package from OakNorth, the digital bank focused on supporting entrepreneurs. This includes £13.5 million in senior debt alongside a £1.5 million revolving credit facility. The transaction refinances existing debt and provides greater flexibility to invest in new growth initiatives.
Following a sustained period of strong trading performance, the recapitalisation strengthens Total Fitness’s balance sheet and provides additional funding to support future expansion. Planned initiatives include continued investment across the existing estate and the roll-out of standalone The Women’s Gym clubs.
The recapitalisation represents an important step forward for the business and reflects confidence from both its investors and OakNorth in the Group’s direction and leadership. OakNorth’s continued support builds on the strong relationship established in 2023 and aligns closely with management’s long-term vision.
With the refinancing complete, Total Fitness is now focused on the development of its next phase of expansion. This includes advancing plans for standalone The Women’s Gym clubs, following the success of purpose-built spaces introduced alongside existing clubs. The Group has also completed an extensive refurbishment plan across its estate, with recent upgrades in Bolton, Sefton, Wrexham and Lincoln, and is currently completing an investment programme to upgrade its main gym floor in Wilmslow.
Alongside this, the introduction of new membership add-ons, such as the recently launched Friend Pass, is expected to support further growth by giving members additional ways to engage with the brand. These initiatives build on the strong underlying trend of increasing member engagement and sustained demand for health and fitness services across the sector.
The recapitalisation also reflects the strength of the Group’s ongoing relationship with OakNorth, who continue to back the business following their appointment as banking partner in 2023. The deal was supported by Dow Schofield Watts Debt Advisory and Pannone Corporate, while OakNorth was advised by Browne Jacobson on the legal aspects.
Tom Rayner, Chief Financial Officer at Total Fitness, says:
“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.”
Stewart Haworth, Senior Director of Debt Finance at OakNorth: “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 its 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.”
