Third Space to open in City of London as part of £50m expansion

 
Alys Key
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Third Space will open its fifth London site at Minster Court in the City of London (Source: Third Space)

Luxury fitness brand Third Space plans to open more clubs in London as it invests £50m into UK expansion.

The plush gym and fitness club already has four London locations, and two more in the pipeline for next year.

Sales at the club, which costs upwards of £130 a month to join for individual members, were up 17 per cent to £23m in the first nine months of 2017.

It now has its sights set on further expansion, backed by British private equity firm Encore Capital.

A new Third Space club will open in the City's Minster Court next year, with all the usual bells and whistles including a pool, members lounge and even a cryotherapy chamber. The gym will be a neighbour to the first ever Brewdog brewpub, which is also set to open at the Minster Court development next year.

A 47,000 sq foot health club will also open in Islington in late 2018. After this the group plans to open one new site every year for the next five years.

Third Space chief executive Colin Waggett said the company's luxury offer meant it was primed to benefit from growth in the health market.

“The increasing popularity of healthy living and fitness has seen consumer spending in this category in the UK go from strength to strength, and we are uniquely placed at the top end of the market to continue to fuel this growth."

Read more: Pure Gym is being sold to a US buyout firm

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