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London-based NRG Gyms has secured an £18.7 million ($24.8 million) funding package from HSBC UK to open seven new gyms over two years, expanding from 13 to 20 UK locations. The company expects the growth to create more than 70 jobs and lift revenue by over 60%.
NRG Gyms, the London-based budget gym operator, has secured an £18.7 million ($24.8 million) funding package from HSBC UK to accelerate its expansion across the United Kingdom. The company plans to open seven new gyms over the next two years, growing its portfolio from 13 to 20 locations nationwide, according to a report from Athletech News.
The funding package includes £10 million available through a revolving credit facility, which the company said will support the buildout of individual gyms. NRG Gyms did not disclose the structure or terms of the remaining portion of the package.
NRG has already identified Leicester and Nottingham as locations for upcoming openings, with another five sites set to be announced. The company said it expects the expansion to create more than 70 jobs and increase revenue by over 60% during the next two years.
NRG positions itself around offering high-quality fitness facilities at an accessible price point. Its gyms feature large-format layouts, high-spec equipment, group fitness classes and dedicated women-only training areas. Memberships run at roughly £21.99 to £27.95 per month, with exact pricing varying by location.
Why This Funding Round Matters
The deal signals continued investor and lender confidence in the UK budget gym sector, which has grown steadily as consumers seek affordable fitness options. The UK had 12.2 million fitness memberships in 2025, according to a recent Deloitte and EuropeActive report, as Europe’s fitness sector continues to expand.
For NRG, the package enables a step-change in scale: adding seven sites in two years would represent one of the fastest growth phases in the company’s recent history. The projected 60% revenue increase, if achieved, would materially reshape the operator’s position in a competitive mid-market segment where rivals are also racing to open low-cost, large-format sites in regional towns and cities.
The expansion also carries local economic weight, with more than 70 jobs planned across the new locations, including the confirmed sites in Leicester and Nottingham.
HSBC’s Decade-Long Backing of NRG
The funding represents the latest in a series of financings NRG has received from HSBC UK. In 2025, the bank provided the company with another eight-figure funding package to support its acquisition of Pump Gyms Limited.
NRG founder and CEO Shafiq Ahmed said HSBC’s backing over the past decade has helped the company more than double in size while investing in its team and infrastructure.
Beyond opening new gyms, NRG said its next phase of growth will include investment in member-facing software and technology, a data-driven approach to identifying future locations, and further development of its member ecosystem, including healthcare offerings.
“We have a strong pipeline of new sites ahead and are excited to explore further acquisition opportunities to accelerate our growth.”
— Shafiq Ahmed, founder and CEO of NRG Gyms
Unconfirmed Sites and Undisclosed Terms
Several details remain unclear. Five of the seven planned locations have not been announced, and no opening dates have been confirmed for the Leicester and Nottingham sites. The company did not disclose the terms of the £8.7 million portion of the funding package outside the revolving credit facility, nor any interest rates or covenants attached to the financing.
The projected figures — more than 70 jobs and a revenue increase of over 60% — are company expectations rather than confirmed outcomes, and depend on all seven sites opening on schedule. The timeline for the planned technology and healthcare investments was also not specified.
New Openings and Possible Acquisitions
Watch for announcements of the remaining five expansion locations, which the company said are set to be revealed. Opening timelines for the confirmed Leicester and Nottingham gyms are expected to follow.
NRG has also indicated it will explore further acquisition opportunities, suggesting the path to 20 locations may involve buying existing operators as well as building new sites. The company’s investments in member software, data-driven site selection and healthcare-related member offerings are expected to develop alongside the physical expansion, though no specific milestones have been announced.
Key Questions
How much funding did NRG Gyms secure and from whom?
NRG Gyms secured an £18.7 million ($24.8 million) funding package from HSBC UK. Of that, £10 million is available through a revolving credit facility for building individual gyms; the terms of the remainder were not disclosed.
How many new gyms will NRG open, and where?
The company plans to open seven new gyms over the next two years, growing from 13 to 20 UK locations. Leicester and Nottingham have been confirmed; the other five locations have not yet been announced.
How much does an NRG Gyms membership cost?
Memberships run at roughly £21.99 to £27.95 per month, though exact pricing varies by location, according to the company.
Has HSBC UK funded NRG Gyms before?
Yes. HSBC UK provided another eight-figure funding package in 2025 to support NRG’s acquisition of Pump Gyms Limited, and CEO Shafiq Ahmed said the bank has backed the company for the past decade.
What impact does NRG expect from the expansion?
The company expects the expansion to create more than 70 jobs and increase revenue by over 60% during the next two years. These are company projections and depend on the openings proceeding as planned.
Source: rss
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