James Balfour talks about expansion, weight loss drugs and climbing Everest in this month’s HCM

James Balfour, co-founder of 1Rebel, talks about how the boutique operator is having its best year ever in this month’s HCM magazine.

Having battled through the pandemic and the challenges 2023 presented, Balfour says the company is now riding a high with investment from Imbiba’s £90 million leisure fund. He believes there are good times ahead for both 1Rebel and the fitness sector.

“London is back and 1Rebel is back,” says Balfour. “It was around November last year (2023) when I really started to see things bounce back and I'm pleased to say we’re having our best year ever in 2024. Everyone's smiling. We're looking forward.

“Interest rates will come down, inflation is already at around two per cent and there will be money coming to investors who’ll be looking to deploy their capital. In the next five years, this industry will go through a huge transformation. I believe there are exciting times ahead.”

The Imbiba investment unlocks a number of advantages including bringing two supportive female board members – Lizzie Ryan and Alison Wong – to the team who understand the journey of 1Rebel’s core customer base. The board has been further strengthened by Adam Bellamy, the former chief financial officer of PureGym, joining as chair.

With new investment and having raised £6 million of debt, expansion is in the pipeline, with ambitions to double in size within three to five years, from 10 to 20 clubs.

Balfour also talks about the opportunities that weight loss drugs appear to offer; why 1Rebel won’t be using franchising in its rollout; the diversification into retail and how climbing Everest has influenced his approach to business.

Read the current issue here