Fitness apparel brand Gymshark has named bodybuilder Chris Bumstead as a new shareholder.
The Solihull-headquartered business has not revealed the percentage stake Bumstead now holds.
Gymshark was founded by Ben Francis and Lewis Morgan in 2012. In 2020, it was valued at more than £1bn when US private equity firm General Atlantic acquired a 21 per cent stake.
Bumstead said: “At this stage of my career, I’ve been fortunate enough to have been offered some very exciting opportunities, but I knew if I was going to do anything, it had to be with the right people and for the right reasons.
“When Gymshark talked me through their vision to become the brand that brings the gym to the world, I knew that if I was going to partner with anyone, it had to be them.
“So, I’m happy to say I’m now a part owner of Gymshark. I’m really excited for the future of the brand and to get to work.”
Sales success for Gymshark
The news comes after Gymshark reported that its pre-tax profit continued to fall during its latest financial year despite its sales surging past £550m.
Gymshark posted a pre-tax profit of £13m for the 12 months to 31 July, 2023, down from £27.8m.
Its profit declined for the second successive year following its first-ever fall during its previous financial year.
However, the company’s EBITDA, excluding exceptional costs, increased from £39.9m to £45.3m.
Gymshark said it focuses more on that measure “due to its proxy for underlying trading performance”.
The accounts also showed that Gymshark’s revenue increased from £484.4m to £556.2m during the year.
On its deal with Bumstead, Gymshark’s chief brand officer Noel Mack said: “A few months ago, we told the world that we are the gym brand and we do gym.
“You can’t make a claim like that, and not be represented by the most iconic gym-goer in the world.
“CBum is an inspiration to us and to our community and we know how much this signing will mean to them.
“That’s why we’re beyond excited to welcome Chris to Gymshark, as both an athlete and a part-owner.”