Budget gym operator Xercise4Less has opened a club in Chesterfield, taking the number of clubs in its portfolio to 50.

The chain has expanded rapidly since opening its first site in 2009 and the latest opening comes a month after the group secured a £42m growth capital investment from Swedish credit provider Proventus Capital Partners.

According to Jon Wright, founder of Xercise4Less, the funds provided by Proventus will allow the group to continue its plans to open 100 gyms by the end of the decade, with 10 more gyms planned by the end of 2018 and a further 40 by the end of 2020.

"It’s a huge achievement to reach 50 sites and it really cements our place as one of the biggest and best value brand fitness clubs in the UK," he said.

"This landmark is just the beginning for Xercise4Less in the coming few years and following our recent investment by Proventus Capital Partners we are going to continue to grow at an even quicker pace and further disrupt the fitness industry."

The Chesterfield club will become one of the largest gym's in the town, with more than 400 pieces of equipment across dedicated cardio, free weights, combat and resistance zones.

Facilities include a ladies-only area and combat zone with a 16ft boxing ring and 16ft mixed martial arts cage.

There will be a focus on group exercise, with more than 200 classes each month, ranging from indoor cycling and Zumba to Piloxing, Body Pump and Yoga.