Herrington Carmichael assists in the formation of new fitness group
Herrington Carmichael LLP assisted Boom Cycle, the UK’s first boutique cycling business, in its partnership alongside fellow boutique boxing brand KOBOX, resulting in the formation of the boutique fitness group United Fitness Brands.
Herrington Carmichael’s corporate team, headed up by Yavan Brar (Managing Partner and Head of the Corporate & Commercial team), led the corporate structuring arrangements of United Fitness Brands and the structuring and negotiations of the acquisitions of Boom Cycle and KOBOX by the United Fitness Brands group and was assisted by Chris Gemson (Corporate Solicitor). The transaction was supported by the venture capital trust Pembroke VCT, a long-term investor of Boom Cycle, with input from the founders of Boom Cycle and KOBOX respectively.
United Fitness Brands has immediate national expansion plans within the premium fitness industry as it seeks to become the UK’s largest boutique fitness group, with the opening of new fitness studios in London and acquiring other boutique fitness brands. The group is to be chaired by David Lloyd (Founder of the David Lloyd Leisure Clubs).
Robert Rowland, Co-Founder of Boom Cycle, said “The launch of United Fitness Brands is really exciting, Herrington Carmichael’s assistance and guidance was invaluable and instrumental in achieving completion. We are grateful to both Yavan and Chris for their expert and timely advice throughout the transaction and cannot wait to see what the future holds for the business.”
William Goodwin, Portfolio Director at Pembroke VCT, added “As a long-term investor of Boom Cycle, we welcome its partnership with KOBOX as a fantastic opportunity to grow. We have worked with Yavan and his team on a number of projects and their professionalism and approach assisted greatly in dealing with completion. I really enjoyed working with Yavan and Chris and the team at Herrington Carmichael who have helped make this possible and look forward to providing our support to the growth of United Fitness Brands moving forwards.”
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