Ben Francis, who started business in parents’ garage, sold 21% stake in deal that created £1.25bn sportswear brandBusiness live – latest updatesThe founder of Gymshark is in talks to buy back a portion of the stake he sold to private equity in a deal that created a billion-pound sportswear empire,
Mark Sweney
The founder of Gymshark is in talks to buy back a portion of the stake he sold to private equity in a deal that created a billion-pound sportswear empire, as the 34-year-old looks to increase his control of the exercise clothing brand.
Ben Francis, who started the business sewing his own gym clothes in his parents’ garage in 2012, sold a 21% stake to the US private equity firm General Atlantic in 2020.
The deal, which left Francis retaining a 70% stake, turned Gymshark into a “unicorn” company with a £1.25bn valuation and has taken his fortune to an estimated £726m, according to the latest Sunday Times Rich List.
Francis dropped out of Aston University, where he was studying international business and management, to focus on Gymshark – his third business venture.
He is now reportedly holding talks with General Atlantic about the potential valuation and size of the stake he wants to buy back, but is not looking to acquire the entire 21%, according to the Financial Times.
Francis, who is chief executive of the business, is also in talks with banks over the financing of the deal with General Atlantic, which has a representative on the company’s board.
Gymshark’s stellar growth has slowed as competition has intensified and consumers have become more cautious making spending decisions as household costs have soared in recent years.
Last year, the company cut hundreds of roles in a restructure to “weather near-term storms” and better service customers in continental Europe.
Gymshark’s revenues rose 6.5% to £647m in the year to July 2025, however pre-tax profits fell from £11.8m to £6.9m, according to the most recent financial filing at Companies House.
The company, which has maintained profit margins by selling directly to consumers rather than retailers, has opened a handful of high street stores in recent years, including an outlet on Regent Street in central London.
In its annual results filing, Gymshark said a move to reduce discounting, and to improve marketing and brand awareness, had resulted in better sales growth.
Last October, Francis, who received an MBE for his service to business in 2022, and now owns a dairy farm in the Cotswolds, was one of a group of chief executives to meet the chancellor, Rachel Reeves, as she tried to encourage more companies to list in London.
Gymshark and General Atlantic have been approached for comment.
