Walker Morris advises gym operator Xercise4Less on expansion funding

Finance lawyers from Walker Morris have advised budget gym operator Xercise4Less on securing a £5.5m finance package from Lloyds Commercial Banking to facilitate expansion.

The company, which was founded by former professional rugby player Jon Wright in 2006, plans to use the funds to launch 15 new sites across the UK this year and to introduce 100 gyms over the next five years.

Xercise4Less, which is headquartered in Leeds, currently has a membership of more than 120,000 people across its 15 gyms in the north of England. It now plans to expand into Scotland and southern England, creating around 4,000 jobs.

Walker Morris fielded a team of finance specialists led by Ian Akitt and David Tinkler.

The firm previously advised Xercise4Less on a £5m equity investment from Business Growth Fund in 2013.