Gymshark founder Ben Francis is in talks to repurchase a portion of the 21% stake he sold to General Atlantic in 2020. According to reports from the Financial Times, the 34-year-old is negotiating with the US private equity firm to increase his control over the sportswear brand, which currently holds a £1.25bn valuation. Francis, who retains a 70% stake in the business, is also discussing financing options with banks to facilitate the potential buyback.
Why is the Gymshark founder seeking to increase his stake?
Ben Francis is looking to consolidate his influence over the company he founded in his parents’ garage in 2012. After selling the 21% stake to General Atlantic in 2020, Francis saw the business reach “unicorn” status with a valuation of £1.25bn. His personal fortune is now estimated at £726m, according to the latest Sunday Times Rich List. By initiating these talks, Francis aims to reclaim a larger share of the equity, though reports indicate he is not planning to acquire the entirety of the 21% portion previously sold.
Ben Francis dropped out of Aston University, where he was studying international business and management, to focus on Gymshark – his third business venture.
How has Gymshark performed financially?
Recent financial filings at Companies House reveal a complex period for the brand. While Gymshark’s revenues rose 6.5% to £647m in the year to July 2025, pre-tax profits contracted from £11.8m to £6.9m. The company has faced a challenging retail environment as household costs have risen and competition in the activewear market has intensified. In response to these “near-term storms,” the firm implemented a restructure last year that resulted in the loss of hundreds of roles.
Comparison: Growth vs. Profitability
| Metric | Performance Change |
|---|---|
| Revenue | Up 6.5% (£647m) |
| Pre-tax Profit | Down (£6.9m from £11.8m) |
What is the company’s current retail strategy?
Gymshark has historically maintained profit margins by selling directly to consumers, bypassing traditional retail intermediaries. Despite this digital-first approach, the brand has expanded its physical footprint. Recent openings include an outlet on Regent Street in central London. According to the company’s annual results filing, this pivot toward brand awareness and a move to reduce discounting have helped improve sales growth.
Direct-to-consumer (DTC) brands often struggle with customer acquisition costs as they scale. Gymshark’s move into high-street locations suggests a hybrid strategy aimed at building brand trust rather than just driving immediate online conversions.
FAQ
- Is Gymshark planning to list on the stock exchange?
While Ben Francis met with Chancellor Rachel Reeves last October alongside other CEOs to discuss listing in London, the company has not confirmed any plans for an IPO. - Who currently owns the largest share of Gymshark?
Ben Francis retains a 70% stake in the company, with General Atlantic holding the 21% stake acquired in 2020. - Has Gymshark commented on the buyback rumors?
No. Gymshark declined to comment on the negotiations, and General Atlantic has been approached for comment.
What do you think about the future of direct-to-consumer sportswear brands? Join the conversation in the comments below or subscribe to our business newsletter for weekly updates on retail trends.
