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HCM people

The market demand is there and we’re going to meet and grow that demand

photo: third space

We continually re-invest in our clubs, repurposing space as trends and demands evolve. For example, with increased interest in recovery and relaxation, we’re adding cryotherapy and percussive therapy zones to our clubs. A simple and obvious part of our plan is to add more great sites. We already have a strong presence in central London and our pipeline will take us into some of the more residential neighbourhoods of the city in the next two to three years. This will bring our brand to new people, as well as providing a great network for members to train, both near home and near to work. In summary, our plan is to get better and better, as we also grow. The market demand is there and we’re going to meet and grow that demand. How much value has been added to the company in percentage terms since your last funding deal? Revenues from the Third Space brand increased by six-fold between 2014 and immediately prior to the pandemic. 22

Issue 8 2021 ©Cybertrek 2021

photo: third space

Third Space Escapes will relaunch as soon as travel is more stable

How has trading been in the UK since the end of lockdowns? We’ve actually bounced back better than we expected. Even though we’re mainly in central London locations, all our clubs have a significant residential catchment, plus some very dedicated members that would come to the clubs even if they were on fire! Working from home is obviously a factor in some of our locations – and will be for some time no doubt. I fully expect it to be a year or so before anyone can say what the new normal really is. Has Little Space been a success and if so, will you be rolling out more? The Little Space kids concept has been incredibly well received by our Islington (London) members with children. Our fully-booked swimming programme has been particularly successful and parents are keen to get their kids back to activities again. If the demographics and space supported it, we would definitely consider building more Little Space sites.