Gym franchise Snap Fitness has boosted its expansion plans after increasing the amount of funding available to new franchisees, with support from HSBC UK.
Snap Fitness’ banking partner HSBC UK will now lend up to 60 per cent of start-up costs to franchisees.
With the brand set to reach the 100-gym landmark in the UK & Ireland later this year, this uplift in funding will provide entrepreneurs with greater support as they look to establish their franchisee business.
Kevin Yates, CEO of Lift Brands EMEA, said: “This is testament to the ongoing work of our teams across the Europe, the Middle East and Africa (EMEA) region who are operating highly profitable gyms. We’re really excited by the opportunities for growth within our business and this funding will allow us to support more ambitious entrepreneurs as they realise their ambitions of owning their own gym.”
Existing Snap Fitness franchisees are traditionally seeing a return on investment within three years, allowing them to quickly scale their investment and become multi-site owners.
Newly opened locations of Snap Fitness are also breaking even within the first eight weeks of operation.
Anita Roberts, Franchising Director at HSBC UK, added: “The franchise industry continues to be incredibly resilient and this is reflected in Snap Fitness’ sustained growth. We look forward to working with more franchisees and helping to provide the funding required to successfully open more Snap Fitness locations across the UK.”
Snap Fitness has over 1,000 gyms across the world in more than 20 countries. As well as no closures or sites currently up for sale in the Europe, the Middle East and Africa estate, its UK membership base grew by over 17 per cent year on year across the same number of sites against an industry backdrop of 4 per cent.[1]
To find out more about Snap Fitness and to enquire about owning your own gym, get in touch below.
[1]Source: 2024 State of the UK Fitness Industry Report (https://www.leisuredb.com/publications). Membership levels as of 31st March 2024.