A FAST fast-growing clothing and sportswear company launched in Redditch has struck a deal which values it at £1billion.
Gymshark was launched by teenagers Ben Francis and Lewis Morgan in back 2012 when they were students at Aston University.
Their first ‘premises’ was the garage at Ben’s parents’ house.
The firm grew so quickly that by 2016 it had moved into new headquarters on the Moons Moat Industrial Estate.
And that growth continued, so much so that by 2018 another move was called for, this time to Blythe Valley Park in nearby Solihull.
Now the company has sold a 21 per cent stake in the business to global equity firm General Atlantic to further its international growth.
Gymshark’s founder Ben Francis said: “I firmly believe Gymshark has the potential to be to the UK what Nike is to the US and Adidas is to Germany, and today is a significant step to realising that.”
With the deal signed, his co-founder Lewis Morgan has now sold his stake in the firm and completed his departure from the company.
Last year the company had sales of more than £250m with more than 500 staff on the payroll.
