NRG Gyms ramps up expansion after £4m investment from Puma Growth Partners

Puma Growth Partners has announced a £4 million investment into NRG Gyms to upscale its expansion across the UK.

The high-value, low-price gym group was launched in 2013, and now has seven gyms and more than 30,000 members across the UK cities including London, Manchester, Newcastle, and Sheffield. The gyms offer an inclusive environment with dedicated female zones, as well as cardio, strength, stretch and performance areas.

The funds will support NRG in continuing to expand its portfolio of gyms and the use of data and analytics to improve the member experience, while creating a technology-led back-office infrastructure capable of allowing the business to scale at speed.

The management team has been strengthened with the appointment of Neil Greenhalgh to the board as non-executive director. As the former chief financial officer of JD Sports, he was instrumental in devising and executing the strategy which saw the business grow from a small cap listed business with 330 stores across two countries, to a FTSE 100-listed global retailer. He played a central role in JD Sports opening its own gyms, as part of which he led the Xercise4Less gym chain acquisition process in 2020.

Founder and CEO of NRG Gyms, Shafiq Ahmed, says: “I am delighted that Puma has chosen to continue to support the growth of NRG with further investment into the business. It’s a testament to the success of the business and will allow us to continue to grow our member communities, develop our pipeline of new sites all whilst continually investing in the team, people development and infrastructure required to grow further.”

Henri Songeur, investment manager at Puma Growth Partners, says: “The strong management team and proven business model have positioned NRG as a formidable operator in a sector expected to be worth approximately £2.8 billion in 2025. The addition of Neil Greenhalgh further enhances the company's capacity to establish itself as a leading provider of low-cost, high-value gym facilities.”