Arnold Schwarzenegger-inspired Ultimate Performance receives boost

Ultimate Performance, the gym and personal training chain inspired by Arnold Schwarzenegger, received a £1m boost ahead of selling a stake to a private equity firm.

The Manchester-headquartered upmarket health and fitness group has reported a pre-tax profit of £1.7m for the year to 31 March, 2024, according to newly-filed accounts with Companies House .

The new total comes after the firm posted a pre-tax profit of £720,110 for its prior 12 months.

The accounts also show that Ultimate Performance grew its turnover in the year from £15m to £18.2m.

The accounts cover the financial year before the firm sold a stake to private equity firm Inflexion in May 2024.

Ultimate Performance was founded in 2009 by Nick Mitchell and employs hundreds of people across the UK, US, Middle East, Asia and Australia.

Mitchell set up the company after being inspired by the Californian gyms run by Hollywood star Arnold Schwarzenegger.

After the investment from Inflexion, Steve Brice became the chief executive of Ultimate Performance while Simon McMurtrie, the former chairman of Virgin Experience Days, was named as chairman.

Inflexion’s other current investments include the likes of Goals Soccer Centres and Virgin Experience Days.

Ultimate Performance said its growth during its latest financial year “reflects improved operational efficiency and the successful expansion of new gym locations”.

However, the company added: “Results were impacted by an intangible asset impairment of £538,784 related to the full write down of an in-house built system which has now been deemed not fit for purpose and would need further investment to bring into use.

“Despite this, the company maintained strong underlying performance, driven by growth in sessions numbers and an increase in overall revenue.”