Fast growing boutique gym group 1Rebel has secured £6.6 million in funding to grow its brand across London and beyond, thanks to assistance from leading law firm Joelson.
Founded by James Balfour and Giles Dean, the company has already opened two sites in the City of London, but now has plans to expand further with its innovative pay-as-you-go model for high-intensity classes.
The funding, led by Codex Capital Partners, will see the creation of three new 1Rebel sites in the Capital during the first three months of 2018.
Codex Capital Partners is a private equity boutique that secures direct investments into innovative and successful businesses from high net worth individuals and family offices.
Throughout the fundraising process, Joelson’s experienced legal team assisted with the review and creation of contracts, due diligence and a range of other legal matters for the business’ management team.
Philippa Sturt, the Partner at Joelson that led the fundraising team, said: “1Rebel has proven in an extremely short space of time the power that innovative new ideas can have on a market and I am in no doubt that the business has a bright future.
“This was also recognised by Codex Capital Partners when deciding to provide finance to the company. We are delighted to have worked with Giles Dean and James Balfour on this transaction and we hope our services have helped them on their road to success.”
Giles Dean, Co-Founder of 1Rebel, said: “Philippa proved to be invaluable. She was always available and very commercial. This, together with her having the respect of both sides of the table, enabled the deal to get done on the right terms, and quickly”.
1Rebel’s nightclub-inspired approach continues to attract millennial customers through low commitment contracts, which has allowed it to make a significant impact on the leisure and fitness market.