HCM PEOPLE
Shamir Sidhu and Daniel Marin Founders, More Yoga
Sidhu and Marin are aiming to build the UK’s dominant yoga chain with their “no fuss” budget brand, More Yoga. Filling the gap between village hall yoga and boutiques, they’ve created a model they believe will work equally well outside the metropolis. How did More Yoga start? Our first business was PT studios called MoreFit, which we launched in 2014. We had three, but growth was slow and we realised yoga offered much more potential, so we switched our focus. Starting in 2016, we self-funded the first four studios, then used loans to drive growth. Now we’re financed by debt from Michael Shaw at The Huddle, which is enabling us to expand more aggressively. We currently have 15 studios across London, with a pipeline of a further 15 16
in places such as Stratford, Tower Bridge and Surrey Quays. Launched last month, Tower Hill is the most recent club. By 2022 we visualise having 100 sites in the capital. There are lots of players in the yoga market, but many are small independent studios. We aim to be the dominant chain in the market. How have you managed to grow so quickly? Mainly because our barrier to entry is low – the price per class can be as little as £5, which is half of what most of our competitors offer. This is combined with quality teachers and a comfortable environment. Therefore, we have lots of customers – on average we have 500 new prospects each month. As we don’t have reception desks or showers, the fit-out cost of each studio is
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There are lots of players in the yoga market, but many are small independent studios. We aim to be the dominant chain. By 2022 we visualise having 100 sites in London (and growth in regional cities)
low, which means they become profitable quickly. Also the studios are only staffed when a class is in progress: the yoga teacher opens it 20 minutes before and the booking-in for classes is done online. What is your USP? We set out with the intention of providing as much variety of yoga to as many people as possible. So we offer 10 different types of yoga practice, including the traditional favourites like ashtanga and vinyasa flow, as well as newer, Western concepts and fusions with fitness. Each studio runs around four to six classes a day and, as the More Yoga chain grows, members are getting access to more locations as well. Our offering is a “no fuss” approach to yoga: we offer the equipment needed to practise, but avoid the non-essentials, like