Coventry gym is the right fit for bodybuilder
A Coventry body builder is going from strength-to-strength after purchasing the gym where he works in a six-figure deal.
Kevin Twigger, aged 39, from Aldermans Green, decided to purchase Future Fitness Workouts on Far Gosford Street in Coventry city centre and has taken on a new long-term lease from close friend and fellow bodybuilder Clinton Jones, aged 53, after he took the decision to semi-retire.
The city centre gym has stood on Far Gosford Street for over 17 years, and has over 600 members and employs eight members of staff. Its customer base includes professional bodybuilding names from America, to students and general gym goers.
Last year the gym also underwent a major exterior refurbishment, and saw various pieces of new equipment installed, ranging from treadmills and exercise bikes to dumb bells and other gym apparatus.
Kevin, who has been manager at the gym for the last eight years, said that purchasing the business wasn't something he had considered until the owner approached him with the idea.
"Going to the gym and bodybuilding has always been a massive part of my life, so when the opportunity came up to purchase this gym from Clinton, I couldn't say no," said Kevin, who is competing in the International Bodybuilding Federation Association's World Championships in June.
"The plan is to develop and grow the gym for the next thirty years of my life. I'd never purchased a business before so I approached Harrison Beale & Owen (HB&O) who have helped me throughout the whole purchasing journey, from understanding my personal circumstances to putting together the business plan and presenting to the bank."
The transaction, which was supported by funding from the Royal Bank of Scotland, was completed with assistance from HB&O's head of corporate finance Greg Philp, and advisors from Coventry-based law firm Band Hatton Button.
Kevin continued: "The support I have received throughout the acquisition process from Greg at HB&O has been excellent. Greg helped me realise my dream by identifying different ways of raising finance, reviewing how we could structure the deal, and most importantly offering moral support. If there's one thing I've learned, it's just to never give up on what you want as these things do take time.
"Adam and the team from Royal Bank of Scotland have also been extremely helpful, and I am pleased that they were able to provide me with the backing I needed to take over the gym."
HB&O's corporate finance team was set up in 2014 to offer entrepreneurs tailored advice on buying or selling a business, raising finance or planning expansion for small to medium sized firms.
They are also supporters of the Coventry & Warwickshire Chamber of Commerce's Go For Growth campaign, which aims to celebrate growth while highlighting the potential growth barriers to businesses in the local area.
Greg added: "Kevin is a shining example of what can be achieved if they tap into the expertise that is available for businesses in Coventry and Warwickshire.
"He wanted to take his passion for body building a step further into business, but didn't necessarily know where to start. We've been on the whole journey with him - from understanding his situation, explaining the purchasing process, and formulating a plan to closing the sale - and it's really rewarding to see somebody with as much drive as him overcoming a range of barriers to buy his dream business.
"It has been a long but rewarding process for both ourselves and Kevin to get a suitable deal in place to buy the gym, so I'd like to thank Band Hatton Button and Royal Bank of Scotland for their support when called upon."
Adam Smith, senior relationship manager at Royal Bank of Scotland, said: "Kevin presented a very clear and strong plan for the future of the business. Having already worked in the gym, he has the advantage of knowing how it operates and the majority of its customers, so he is well placed to continue to run it successfully. Kevin has a great deal of experience and is well respected in the industry and so we have been very pleased to support him to achieve his ambitions."
Marta Fisher, an associate at Band Hatton Button, continued: "Kevin's story typifies the feel-good factor amongst the Coventry business community at the moment and it was a pleasure helping him to achieve his dream."