Stessa Leisure Establishes Gym Portfolio with Help from Square One Law
Posted on the 5 April 2018
Stessa Leisure has completed the first stage of establishing a portfolio of énergie Fitness clubs in the North East after acquiring three gyms in the region.
Advised by commercial law firm, Square One Law, the Newcastle-based company has purchased the trio of gyms from Easy Fitness.
The acquisition is part of a strategy to establish a network of 10 clubs across the North East after the business reached a territory agreement with the national énergie Fitness franchise. It will lead to the creation of more than 55 new jobs.
Following the acquisition, Stessa has undertaken a £500,000 refurbishment of the gyms in Blaydon, Jarrow and Tynemouth, which have a combined membership of 4,500 and employ 25 people across the three sites.
As part of the upgrade programme, the company has doubled the size of the club in Tynemouth with the addition of a second floor and expanded the floor space of Blaydon club by 40 percent.
Stessa Leisure was founded by former Utilitywise Chief Operating Officer, Adam Thompson. Having been part of the team that floated the business onto AIM in 2012, Adam exited the business in 2016 to pursue new commercial interests.
Adam said: “Introducing this new concept gym group to the North East is an exciting prospect for Stessa and we are really looking forward to growing the membership at our first three clubs and identifying locations to target for future sites.
“We believe there is a place in the market for énergie Fitness, particularly among non-gym users as we have developed a welcoming and encouraging environment with specialist exercise plans, which are ideal for new starters to help them achieve the healthy lifestyle results they want.”
The énergie Fitness offering is designed to support members with little or no gym experience and is built around a new concept, émpower, which is a 30-day, results guaranteed programme that helps new starters develop new lifestyle habits and exercise routines that help them achieve their personal health goals.
Ian Gilthorpe, Senior Partner at Square One Law, said: “Adam is a talented entrepreneur. The health and fitness industry is a growing sector and this business will create a region-wide presence. The three sites he has acquired and upgraded will provide a solid platform for growth and we wish him and his team well for the future.”