easyGym plans to become a major player in the fitness market by opening 500 franchise units globally in the next five years.

The budget operator will consider "territory by territory deals", with the franchise operation being headed by Karl Dietrich, formerly UK and Ireland franchise head of Anytime Fitness.

Information posted on the easyGroup website reads: "Investors can choose from two formats - the Small Box, which requires £160,000 of liquid capital, and the Big Box, which requires £380,000 of initial investment."

Anticipated payback for the franchise model is three years.

easyGym opened its first site in north London in 2011, offering flexible contracts and prices geared to local markets. It now has 15 gyms nationwide, including eight in London.

Membership is approaching 100,000 across its UK portfolio.

easyGym's first franchisee is co-founder and chief executive officer Paul Lorimer-Wing. He said: "We ripped up the rulebook on the gym model in 2010 and are now providing an inside track on how to grow a successful fitness business to other ambitious entrepreneurs keen to see results fast.

"I'm so convinced by the payback potential that I'm investing my own money into the easyGym franchise model."