Gym chain Gymbox has gained investment capital of £10m from the Business Growth Fund (BGF), with Clearwater International securing the deal, as well as an additional £7m in fresh loans.

Gymbox currently has five clubs across London and will use BGF’s capital to continue its site roll-out in London with three additional sites already secured. Beyond these, the company now has the funding in place to open several further gyms in London, and beyond that in other UK cities.

Founded in 2001 by Richard Hilton, Gymbox opened its first gym in Holborn in September 2003 and today has clubs in Farringdon, Covent Garden, Bank and Westfield. The company is expected to turnover £10m this year and currently has 13,400 members on its books.

Gymbox represents BGF’s second investment in the UK fitness market having backed Yorkshire-based low-cost gym group Xercise4Less in August 2013, which now has 23 gyms nationwide.

“The Gymbox brand has gone from strength to strength in recent years based on our contemporary club designs, exciting and original classes and our ability to offer customers new and unique ways of keeping fit,” said Gymbox managing director, Richard Hilton.

“We look forward to opening new sites this year and next and introducing the Gymbox concept to a wider in audience in London and other UK cities.”