Luxury gym chain Third Space muscles up with record revenue ahead of sale
Luxury gym operator Third Space has grown its turnover by more than a third, topping £100m for the first time, as City workers flock to the upmarket health club. The gym provider notched a 36 per cent bounce in revenue to £135m in the year to December 2025, while its pre-tax profit rose by more [...]
Gym chain Third Space has achieved record revenue of £135m in the year to December 2025, marking a 36% increase and surpassing the £100m mark for the first time. The upmarket health club, which caters to high-earning corporate workers, operates 15 sites across London, including locations in the Square Mile. Pre-tax profits rose by more than two-thirds to £19m during the same period.
Third Space's membership fees start at £257 per month, with group memberships costing up to £345 per month. The gym provider offers high-end amenities such as state-of-the-art facilities, personalized nutrition plans, and recovery treatments like massages and sound baths. In 2025, the business saw continued growth in membership levels and profitability, according to its directors.
The company's "Tuned into London" strategy aims to appeal to wealthy City workers by staying culturally relevant to its members. Permira, a buyout firm with investments in companies like Dr Martens, Hugo Boss, and Valentino, is among the bidders for a £700m takeover of Third Space, with the sale process expected to begin later in 2026.
The gym aims to double its number of London locations by the end of 2031, continuing to invest in the expansion and development of its club portfolio. CEO Colin Waggett highlighted the "exceptional" demand for memberships, noting that most of the company's clubs are operating with waiting lists.
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