London-based gym chain Gymbox experienced a 28.2 per cent surge in profits as its expansion gathered pace in 2016.

The firm’s membership base grew to 24,000, with several signing up at its newer clubs in Old Street, Stratford and Victoria.

Gymbox has also opened a ninth club in Farringdon, which features a three-lane running track, an Olympic-sized boxing ring and the largest free weights area in London.

As a result its gross profit grew from £12.4m (US$15.1m, €14.3m) in 2015 to £15.9m (US$19.4m, €18.3m) in 2016. Revenues also mushroomed from £13.1m (US$16m, €15.1m) to £16.8m (US$20.5m, €19.4m) over the same period.

The expansion is set to continue after the company secured a £39m (US$47.5m, €45m) funding package from the Business Growth Fund and HSBC in October 2016.

Three new gyms are in the pipeline for 2017.

Marc Diaper, Gymbox CEO, said the opening of the Farringdon club was a “huge milestone”.

“This, together with a strong performance in 2016 and further clubs in the pipeline, stands us in great stead for the year ahead,” he added.