Ben Francis, the founder of Gymshark, is in discussions to repurchase a portion of the stake he sold to private equity firm General Atlantic in 2020, according to reports. The move would increase the 34-year-old entrepreneur's control over the sportswear brand he started in his parents' garage.
Deal Background
Francis sold a 21% stake to US private equity firm General Atlantic in a deal that valued Gymshark at £1.25bn, making it a unicorn company. The transaction left Francis retaining a 70% stake and propelled his personal fortune to an estimated £726m, according to the latest Sunday Times Rich List.
Francis, who dropped out of Aston University where he was studying international business and management, launched Gymshark in 2012 as his third business venture. He now serves as the company's chief executive.
Buyback Talks
According to the Financial Times, Francis is holding discussions with General Atlantic regarding the potential valuation and size of the stake he intends to buy back. However, he is not seeking to acquire the entire 21% share. Francis is also in talks with banks to secure financing for the deal. General Atlantic, which has a representative on Gymshark's board, has been approached for comment.
Company Performance
Gymshark's rapid growth has slowed amid increased competition and cautious consumer spending due to rising household costs. In the year to July 2025, revenues rose 6.5% to £647m, but pre-tax profits fell from £11.8m to £6.9m, according to Companies House filings.
Last year, the company cut hundreds of roles in a restructuring effort to "weather near-term storms" and improve service to customers in continental Europe. Despite these challenges, Gymshark has maintained profit margins by selling directly to consumers and has opened a handful of high street stores, including a location on London's Regent Street.
Recent Developments
In its annual results filing, Gymshark noted that reducing discounting and improving marketing and brand awareness led to better sales growth. In October 2024, 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 with Chancellor Rachel Reeves to encourage more companies to list in London.
Gymshark declined to comment on the buyback talks.
