Ktsowensthomas, leading Welsh accountancy firm, has today announced it has advised Fitness Plus Ltd, Cardiff-based health club operator on securing funds of £640,000, to open its second Vitality Gym and Health Club in the city.
Working with Fitness Plus, Ktsowensthomas prepared a detailed business plan and funding proposal and acted on behalf of the health club company to secure the funds needed, in order to fulfil the company’s growth plans.
As a result the company has been able to secure a £100,000 Enterprise Finance Guarantee loan from HSBC, which will see HSBC’s South East Wales Commercial Centre, based on Bute Street, take over Fitness Plus’s day-to-day banking. The remaining monies have been raised through asset finance and private equity.
With the funds, Vitality has opened a new 28,000 square foot site at the Red Dragon Centre, Cardiff Bay in August this year, which boasts 250 fitness stations featuring the latest cardio and resistance equipment, a free weights section, dance studio and a steam room and sauna. Further plans are in the pipe-line to develop an indoor 30ft high climbing wall as well as a 1,000 square foot ground floor hair and beauty salon to complement the gym and health club.
Lisa Williams, trained physiotherapist and Owner of Fitness Plus has expanded the brand over the past three years and commented; “This is an extremely exciting project and brings the Vitality brand to a new area of Cardiff. The Bay is an extremely popular residential, commercial and leisure area and we believe there is strong demand for a contemporary health club and hair and beauty service.
“It was important that we have the right accountants, business advisors and bank to partner with us as we grow. We believe the services that both Ktsowensthomas and HSBC offer are the right fit for our growing organisation. We value working relationships and that is something that both companies have been able to offer, as well as a desire to understand our business and our goals.”
Since opening the new site, the company has increased its employee headcount from 16 to 23 members of staff. In addition, between 12 and 15 self-employed personal trainers currently work at Vitality’s city centre arm.
Gary Burton, HSBC Regional Commercial Director for the South West and Wales, added: “We are pleased to be able to support Fitness Plus as they expand their operation and open this second site, which is helping to create new jobs and boost the local economy. We have been impressed by how Lisa has developed the business since 2009 and it is now an established name in the Cardiff health and beauty market. We look forward to working with the company as it develops.”
Moving forward, Fitness Plus will be looking to Ktsowensthomas to handle all of the company’s accountancy requirements as well as providing expert knowledge and commercial advice on future business development and growth in and outside Wales.
Gareth Lynn, Director at Ktsowensthomas, concluded; “We are delighted to be working alongside the Fitness Plus team. This expansion proves that despite the current economic climate there are still opportunities for companies to secure funding from banks such as HSBC and other sources to facilitate business growth. It goes to show that if you have a sound business model, an excellent product or service and a great team to support you in a market that presents business opportunity a company is able to succeed. Given the current economic environment Wales needs every successful company it can muster and Fitness Plus is a shining example of an entrepreneurial and can do attitude. We very much look forward to continuing to work with the Fitness Plus team to help them achieve their business objectives.”