The Hard Candy Fitness (HCF) chain started by Madonna and New Evolution Ventures chair Mark Mastrov looks likely to be expanded across Europe, after one of its biggest rights-holders began a fundraising programme to fuel further growth.

Jopp AG, which operates a number of HCF clubs in Germany and also holds exclusive rights to operate under the HCF brand in Austria and Switzerland has revealed intentions to open additional clubs financed through a bond issue.

Jopp AG opened its first HCF in Berlin in September 2013 and has since launched the HCF Women brand which it has applied to a number of its existing Women's Gym Jopp & Jopp clubs.

The company has issued a bond with a maximum volume of €5m (US$6.9m, £4.1m), over a five year term with an annual interest rate of eight per cent. The bond offering was then lengthened until 30 April after around €1.5m (US$2.1m, £1.2m) had been raised and reports in German press suggest the deadline may be extended further.

HCF has steadily grown its presence worldwide, now operating in Moscow, St. Petersburg, Santiago de Chile, Mexico City, Sydney and Rome.