UK bouldering gym operator The Climbing Hangar has received more than £20m from investment group Verlinvest to expand overseas.
The Climbing Hangar, which currently operates nine sites in the UK, started life in a Liverpool warehouse in 2011 and now offers food, drink and retail outlets alongside sport and social events.
CEO of The Climbing Hangar, Ged MacDomhnaill, said he wanted to “accelerate the growth of the business” and further widen climbing’s appeal through the use of data and updated technologies.
According to the Association of British Climbing Walls, 1m people take on the challenge of indoor climbing each year, with a dedicated 100,000 enthusiasts scaling the walls at least twice a month.
Surprisingly, over 75 per cent of climbers prefer the controlled environment of indoor facilities, hinting at the evolving landscape of this sport.
London alone boasts more than 50 climbing centres, up from 10 in 2014. They also tie into a wider trend of competitive socialising and experiential leisure; there has been a 455 per cent increase in ‘combo’ attractions over the past five years.
Ben Black of Verlinvest, which has previously invested in Tony’s Chocolonely and Oatly, said: “As a consumer investor, we actively seek growth propositions that drive healthy and exciting alternatives for consumers.
“We… will actively seek M&A and consolidation opportunities with other likeminded partners to build the business on an international scale.”
Last week, Luke Johnson announced a £15m investment in leisure and cinema company The Light as he similarly looked to drive expansion in the rapidly-growing industry of combo leisure attractions.