LENDER PERSPECTIVE
What trends are you monitoring? Health is a big one. The financial pressures on the NHS are well-known, while sickness benefit claims are set to rise by a third in some areas of the UK – from £66bn last year to £91bn by the end of the decade. With a change of government seemingly imminent, we may well see a push towards health club attendance as a way to deal with these issues. Poor mental health has been a significant contributor to the rise in sickness benefit claims, so it’s interesting that in 2023, mental health overtook weight loss as the #1 reason why Brits joined a health club. That’s a very important trend. We’re interested in the super-premium category generally: experience-driven brands that have multiple facets to their offerings – again, Third Space as a great example. And technology is also very interesting – not just the app- and phone-based solutions that personalise the fitness experience, but also technology on the gym floor. Do you have more plans for the fitness sector? We’ve always looked at private equity-backed businesses where there’s significant capital to grow the business; providing a debt solution alongside this equity tends to work very well.
We also want to work with businesses that have ambitious plans, because that creates opportunities for us to grow with them.
Specialist insurance for the health and fitness sector
For the fitness industry to achieve its potential, it needs funding partners who understand the sector and are passionate about it
We will always be very selective in what we do, backing the right management teams and taking time to understand the businesses to ensure we can work with them in the medium term to enable their growth. But we’re now well established as a bank, looking for opportunities for debts from c.£1m up to several tens of millions, with a loan book that’s large enough to support good businesses even in the same sectors as the brands we already fund. We are open for business!
WHY KONSILEO? We are independent commercial insurance brokers – with individuals who specialise solely in insurance for the fitness industry. This includes gyms, fitness studios and associated businesses. We care about protecting your business properly. THE RIGHT COVER, AT THE RIGHT PRICE We understand what policy covers a gym or fitness studio typically requires and we take time to get to know you and your business to ensure we have the correct covers in place for your business. We have access to the best markets in your industry to ensure our premiums are the most competitive. EXPERTS IN YOUR INDUSTRY We have many years of insurance experience in your industry and can provide you with instant advice on any fitness related insurance enquiry and risk management.
“Third Space is flying,” says the team at OakNorth. “People can spend hours there, network, be part of a community.”
All insurance and risk advice is undertaken by Konsileo (Trading) Limited (10100499), an independent insurance broker authorised and regulated by the Financial Conduct Authority (FCA). Our FCA register number is 748287. Registered office: 71-75 Shelton Street, Covent Garden, London WC2H 9JQ. 07450 925455 | dominic.jervis@konsileo.com | konsileo.com
58
STATE OF THE UK FITNESS INDUSTRY REPORT 2024
Made with FlippingBook - Online catalogs