Boutique fitness brand Frame is to press ahead with expansion following a £6m funding injection.
The London-based business announced the investment from Piper Private Equity today (16 October).
Founded in 2009 by Pip Black and Joan Murphy, Frame is about to add two new London studios – in Hammersmith and Soho – to its existing portfolio, which includes sites in Shoreditch, King’s Cross, Victoria and Queen’s Park.
“Piper’s investment in Frame will help the business to expand further across London and nationwide," said a spokesperson, "This is the second investment from Piper's sixth fund, Piper VI, which recently closed at £125m.”
Frame is expected to deliver sales in excess of £5m this year. The company offers 31 different class types across dance, barre, yoga, Pilates and fitness, delivered by 149 trainers, including 26 at its London headquarters.
Locations typically have between three and five studios, along with healthy cafés, wi-fi chill areas and retailing. Using this social offering, the company has built a community of members called Framers.
To support its staff training, Frame recently launched the Frame Academy, an Active IQ-certified fitness training programme.
Libby Gibson, partner at Piper, said: “The UK fitness industry is worth £4.3bn a year and is experiencing significant growth. Boutique studios represent 23 per cent of the market, but the segment remains highly disaggregated, which creates opportunities for growth.
“We’re greatly impressed by Pip and Joan’s passion and knowledge for their brand and look forward to joining them on the next stage of their journey," she said.
Established in 1985, Piper is a specialist in growing consumer-facing brands. It makes MBO, MBI and growth capital investments in the retail, leisure, consumer products and services sectors, targeting businesses with turnovers between £5m and £50m.
Other leisure clients currently in the Piper portfolio include Be At One Cocktail Bar, Turtle Bay restaurants, Hickory's Smokehouse and Flat Iron steakhouses. Previous investments have included Pitcher and Piano and Maximuscle.