Trampoline park firm GraVity targets growth spring with £5m investment
Castleford-headquartered company will use funding to open a further four locations across the UK and improve its existing sites
GraVity, a trampoline park company, has secured a £5m investment from an Enterprise Investment Scheme (EIS) fund through Guinness Asset Management.
Founded in 2014 by Harvey Jenkinson and Michael Harrison, GraVity opened its first location in Xscape Yorkshire in 2015 and has since opened a further three in Norwich, Hull and Maidstone.
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The Castleford-headquartered company offers corporate group bookings, competitive team sports, fitness classes, parties and parent and toddler sessions and quieter, smaller classes for the disabled.
220-strong GraVity launches trampoline parks in high footfall leisure and retail locations and claims to have attracted 500,000 customers in 2016. It achieved revenues of £7.5m last year and is expecting to grow to £20m within two years.
The funding will enable the business to double in size as it looks to open another four locations, as well as introduce new activities and increase capacity at its existing sites.
Jenkinson commented: “I am extremely excited about the future of GraVity and, following this investment, we are looking forward to capitalising on the huge growth potential across the UK and establishing ourselves as the number one branded trampoline park operator in the UK.”
Malcolm King, investment manager at Guinness Asset Management, commented: “We are delighted to have completed our investment into GraVity that will be used to fund the company’s next four parks and help the company realise the next stage of their growth ambitions.”