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Frasers Group, owner of Everlast Gyms, buys WIT Fitness out of administration. Plans to retain the name
POSTED 08 Feb 2024 . BY Liz Terry
WIT Fitness runs a boutique in London Credit: WIT Fitness/Frasers Group
WIT Fitness has gone into administration. The company's assets have been acquired by Frasers Group, owner of Everlast Gyms
WIT has a background in sports, workout and CrossFit clothing, as well as owning a boutique health club in London
Frasers Group plans to retain the WIT name for the London boutique
The company was previously backed by investor VGC
Frasers Group, owner of Everlast Gyms, has acquired the assets of WIT Fitness from administrators RG Insolvency, adding the brand to its portfolio.

A health club operator and sports retail specialist, WIT has strong CrossFit connections.

The company's boutique gym in London – at One New Change, near St Paul's Cathedral – will retain the WIT name, while WIT's retail arm will complement Frasers’ Sports Direct sportswear retailing business.

It's not yet known if Frasers will roll out more WIT locations as a second brand to complement Everlast Gyms, however, there could be a good fit for the company, with WIT Fitness functioning as a premium offering, aligning with Frasers elevation strategy.

WIT Fitness appointed Matt Brewster as CEO in 2022, at which time founder, Dan Williams, moved into a chief brand officer role.

Under Brewster, the company did a crowdfund in Q3 2022 with plans for global expansion, telling investors in September 2022 that the business was 'in great shape' with "400,000 customers and revenues that had grown five times over".

Accounts filed for that year show the company ended up losing nearly £4m in the 12 months to December 2022.

The business had also been backed by VGC, but the company is no longer showing WIT as being part of its portfolio.

Williams was recently involved in brokering a deal which saw London Boutique operator Digme purchase Orangetheory’s four existing sites London sites and set out to drive the rollout of Orangetheory in the UK.

WIT is an acronym for 'Whatever it takes'.

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NEWS
Frasers Group, owner of Everlast Gyms, buys WIT Fitness out of administration. Plans to retain the name
POSTED 08 Feb 2024 . BY Liz Terry
WIT Fitness runs a boutique in London Credit: WIT Fitness/Frasers Group
WIT Fitness has gone into administration. The company's assets have been acquired by Frasers Group, owner of Everlast Gyms
WIT has a background in sports, workout and CrossFit clothing, as well as owning a boutique health club in London
Frasers Group plans to retain the WIT name for the London boutique
The company was previously backed by investor VGC
Frasers Group, owner of Everlast Gyms, has acquired the assets of WIT Fitness from administrators RG Insolvency, adding the brand to its portfolio.

A health club operator and sports retail specialist, WIT has strong CrossFit connections.

The company's boutique gym in London – at One New Change, near St Paul's Cathedral – will retain the WIT name, while WIT's retail arm will complement Frasers’ Sports Direct sportswear retailing business.

It's not yet known if Frasers will roll out more WIT locations as a second brand to complement Everlast Gyms, however, there could be a good fit for the company, with WIT Fitness functioning as a premium offering, aligning with Frasers elevation strategy.

WIT Fitness appointed Matt Brewster as CEO in 2022, at which time founder, Dan Williams, moved into a chief brand officer role.

Under Brewster, the company did a crowdfund in Q3 2022 with plans for global expansion, telling investors in September 2022 that the business was 'in great shape' with "400,000 customers and revenues that had grown five times over".

Accounts filed for that year show the company ended up losing nearly £4m in the 12 months to December 2022.

The business had also been backed by VGC, but the company is no longer showing WIT as being part of its portfolio.

Williams was recently involved in brokering a deal which saw London Boutique operator Digme purchase Orangetheory’s four existing sites London sites and set out to drive the rollout of Orangetheory in the UK.

WIT is an acronym for 'Whatever it takes'.

RELATED STORIES
FEATURE: HCM People: Dan Summerson


The CEO of Everlast Gyms tells us about the launch of a new 37,000sq ft flagship site in Gateshead and how it will support the brand’s global expansion
Everlast Gyms prepares for global expansion with 37,000sq ft flagship 'showroom' location


Everlast prepares for global expansion with 37,000sq ft flagship 'showroom' location @Everlast_Gym
FEATURE: Interview: Dan Summerson


The MD of Everlast Gyms is steering the business through a process of rebranding, with a hybrid model intended to take it to UK number one status
Barry’s breaks into retail. Opens studio in Flannels’ new flagship department store in Liverpool


Barry’s has entered the world of retail, opening a studio in the new Flannels’ flagship luxury department store in Liverpool, which debuts today (23 June 2022).
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JD Gyms acquires Simply Gym as it targets 100 locations
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Baz Moffat gets 'sweat equity' backing from Priya Oberoi to drive the growth of The Well HQ
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Peloton buys time for a turnaround with US$1 billion loan
Peloton has secured a critical US$1bn five-year loan to shore up its finances.
Dean Kowarski, global CEO of Virgin Active, will keynote at HCM Summit 2024
Leisure Media has added another heavyweight to its line-up of CEOs for its inaugural HCM Summit this October. Dean Kowarski will talk about the intersection of fitness and nutrition.
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We provide a full turn-key solution for clients from design and consultation, through to bespoke man [more...]
+ More profiles  
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+ More catalogues  

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+ More directory  
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30-30 May 2024

Forum HOTel&SPA

Four Seasons Hotel George V, Paris, France
30 May - 02 Jun 2024

Rimini Wellness

Rimini Exhibition Center, Rimini, Italy
+ More diary  
 


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