Ben Francis, the founder of Gymshark, is in discussions to buy back a portion of the stake he sold to private equity firm General Atlantic in 2020, a move that would increase his control over the sportswear brand. The 34-year-old entrepreneur, who started the business sewing gym clothes in his parents' garage in 2012, sold a 21% stake to the US private equity firm, leaving him with a 70% stake. That deal valued Gymshark at £1.25bn, making it a unicorn company, and boosted Francis's fortune to an estimated £726m, according to the latest Sunday Times Rich List.
Talks with General Atlantic and banks
Francis, who dropped out of Aston University to focus on Gymshark as his third business venture, is reportedly in negotiations with General Atlantic over the valuation and size of the stake he intends to repurchase. However, he is not seeking to acquire the entire 21% stake, according to the Financial Times. As chief executive, Francis is also in talks with banks to secure financing for the deal with General Atlantic, which holds a seat on the company's board.
Slowing growth and restructuring
Gymshark's rapid growth has moderated amid intensifying competition and cautious consumer spending due to rising household costs. Last year, the company cut hundreds of roles in a restructuring aimed at weathering near-term challenges and improving service to customers in continental Europe. Despite a 6.5% increase in revenues to £647m for the year to July 2025, pre-tax profits declined from £11.8m to £6.9m, as per the latest filing at Companies House.
Direct-to-consumer strategy and high street presence
The company has maintained profit margins by selling directly to consumers, bypassing retailers. In recent years, Gymshark has opened a handful of high street stores, including a location on Regent Street in central London. In its annual results, Gymshark noted that reducing discounting and enhancing marketing and brand awareness drove better sales growth.
Francis's broader engagements
In October, Francis, who received an MBE for services to business in 2022 and now owns a dairy farm in the Cotswolds, was among a group of CEOs who met Chancellor Rachel Reeves to discuss encouraging more companies to list in London. Gymshark declined to comment, and General Atlantic has been approached for comment.
