Scottish fitness brand Primal has delivered its most successful trading period to date, with £17m of new business wins.
The business has also seen a boost in invoiced sales revenue over the past five years, with annual turnover reaching £15.5m in the year ending April 2023 - a 400% increase from 2019.
The company, which manufactures strength equipment and designs bespoke gyms, is now working towards a three-year plan to reach revenue of more than £25m.
Founded in 2016, Primal has a growing portfolio of high-profile clients in the domestic and overseas markets. It counts JD Gyms and Energie Fitness as customers, as well as having Primal Performance Centres at Celtic and Burnley football clubs.
It has also fitted out home gyms for major sports and film stars including James McAvoy, Jonny Bairstow, Jason Robinson and Sam Warburton.
Led by founder and chief executive Steven Rinaldi and backed by Flywheel Partners, the business recorded its largest growth in international markets, expanding into 25 countries, including the United Arab Emirates and South Africa, where it is set to install equipment in more than 100 locations for Virgin Active.
Rinaldi said: “The way people perceive fitness has changed massively in the last decade: gyms used to be stacked with rows of running and cardio machines, but now there is a real appreciation and understanding of the benefits of weight training.
“Strength work is essential for improving fitness and can help to prevent injury, and there has been a distinct surge in this type of training in recent years, particularly amongst females.”
Primal’s strategic focus is now on further penetration of commercial gym spaces in the UK, as well as continued growth globally through exclusive distribution relationships.
It will also target sales to home consumers through its online platform.
During the pandemic, the business saw an opportunity to expand into the home gym market and began creating compact equipment. With demand for home gyms continuing, the Personal Series accounts for 30% of the total business.
Rinaldi added: “We are on an upward trajectory with the best team in the business, and after a few years of establishing the brand, we’re now making our mark on the domestic and global stage.
“We have a number of strategic partnerships in place, which we will continue to grow and maximise as we work towards our vision of making Primal a household name and Europe’s leading strength and fitness brand.”
With the backing of UK private equity firm Flywheel Partners, Primal is also evaluating strategic acquisition opportunities.
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