Home-grown fitness chain GymNation is planning a crowdfunding scheme that allows members to own a stake in the company.
“The crowdfunding will allow members of GymNation to become small shareholders, and partake in the rewards that come with our growth,” co-founder Loren Holland tells The National.
Founded in 2017, the fitness chain has 11 branches in the UAE with about 60,000 members.
“Having our members become shareholders alongside us is something we feel very passionate about,” says Holland.
“In turn, some of our members are very passionate about GymNation. They already invest a lot of time, energy and hard work to their fitness, and in turn to the business – and now they can invest and be financially rewarded as well."
This decision comes as Holland, along with co-founders Frank Afeaki and Anthony Martland, recently bought back all the equity held by the company's previous owner, JD Gyms. The deal was backed by UAE companies Tricap Investments and Ruya Partners.
Aside from the trio, 15 members of GymNation's management team from the UAE have also become shareholders of the company.
When JD Gyms acquired GymNation last year, the British company said it wanted to penetrate the growing fitness market in the UAE. But Holland says this is no longer the case after a corporate shake-up early this year.
“We saw that JD Gyms was undergoing a strategic shift and going back to their main retail business, so we saw an opportunity for the management buyout and bringing control back in our hands,” he explains.
Further expansions are on the horizon for GymNation, with four more branches in the UAE, as well as six locations in Saudi Arabia. The company has also finalised expansion plans in Qatar and Bahrain.
The team aims to launch the crowdfunding scheme early next year. Aside from seeking financial gains, members who will invest will also “have a voice in how we can further grow the business”, Holland adds.
The move speaks directly to the founders' original idea when they launched – to “democratise” the fitness industry by offering affordable gym membership. The chain offers a monthly subscription of Dh199.
Holland recognises that directly engaging members and allowing them to become stakeholders could be crucial to business growth. “We are still refining what the crowdfunding scheme looks like, but there will be other benefits such as town halls and annual general meetings," he says.
Suggested picnic spots
Abu Dhabi
Umm Al Emarat Park
Yas Gateway Park
Delma Park
Al Bateen beach
Saadiyaat beach
The Corniche
Zayed Sports City
Dubai
Kite Beach
Zabeel Park
Al Nahda Pond Park
Mushrif Park
Safa Park
Al Mamzar Beach Park
Al Qudrah Lakes
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Global state-owned investor ranking by size
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Japan
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Norway
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Sri Lanka-India Test series schedule
- 1st Test India won by 304 runs at Galle
- 2nd Test Thursday-Monday at Colombo
- 3rd Test August 12-16 at Pallekele
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
From exhibitions to the battlefield
In 2016, the Shaded Dome was awarded with the 'De Vernufteling' people's choice award, an annual prize by the Dutch Association of Consulting Engineers and the Royal Netherlands Society of Engineers for the most innovative project by a Dutch engineering firm.
It was assigned by the Dutch Ministry of Defence to modify the Shaded Dome to make it suitable for ballistic protection. Royal HaskoningDHV, one of the companies which designed the dome, is an independent international engineering and project management consultancy, leading the way in sustainable development and innovation.
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It aims to minimise the impact on the environment by leading by example in its projects in sustainable development and innovation, to become part of the solution to a more sustainable society now and into the future.
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
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Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
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T20 World Cup Qualifier, Muscat
UAE FIXTURES
Friday February 18: v Ireland
Saturday February 19: v Germany
Monday February 21: v Philippines
Tuesday February 22: semi-finals
Thursday February 24: final
Abu Dhabi card
5pm: Handicap (TB) Dh100,000 2,400m
5.30pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 2,200m
6pm: Abu Dhabi Fillies Classic Prestige (PA) Dh110,000 1,400m
6.30pm: Abu Dhabi Colts Classic Prestige (PA) Dh110,000 1,400m
7pm: Handicap (PA) Dh85,000 1,600m
7.30pm: Maiden (PA) Dh80,000 1,600m
The National selections:
5pm: Valcartier
5.30pm: AF Taraha
6pm: Dhafra
6.30pm: Maqam
7pm: AF Mekhbat
7.30pm: Ezz Al Rawasi
Selected fixtures
All times UAE
Wednesday
Poland v Portugal 10.45pm
Russia v Sweden 10.45pm
Friday
Belgium v Switzerland 10.45pm
Croatia v England 10.45pm
Saturday
Netherlands v Germany 10.45pm
Rep of Ireland v Denmark 10.45pm
Sunday
Poland v Italy 10.45pm
Monday
Spain v England 10.45pm
Tuesday
France v Germany 10.45pm
Rep of Ireland v Wales 10.45pm
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Results
2pm: Maiden (TB) Dh60,000 (Dirt) 1,200m, Winner: Mouheeb, Tom Marquand (jockey), Nicholas Bachalard (trainer)
2.30pm: Handicap (TB) Dh68,000 (D) 1,200m, Winner: Honourable Justice, Royston Ffrench, Salem bin Ghadayer
3pm: Handicap (TB) Dh84,000 (D) 1,200m, Winner: Dahawi, Antonio Fresu, Musabah Al Muhairi
3.30pm: Conditions (TB) Dh100,000 (D) 1,200m, Winner: Dark Silver, Fernando Jara, Ahmad bin Harmash
4pm: Maiden (TB) Dh60,000 (D) 1,600m, Winner: Dark Of Night. Antonio Fresu, Al Muhairi.
4.30pm: Handicap (TB) Dh68,000 (D) 1,600m, Winner: Habah, Pat Dobbs, Doug Watson