Leading active entertainment business to launch Gravity Max at Liverpool One in H1 2023
National law firm Irwin Mitchell has counselled leading active entertainment brand Gravity to secure up to £30m in funding to deliver its growth and expansion plans for 2023 and beyond. The funding has been provided by Sculptor Real Estate (“Sculptor”), the real estate business of Sculptor Capital Management, Inc. (NYSE: SCU).
Gravity was established in 2014 as a trampoline park operator and now leads the active entertainment market in the UK with 17 sites already in operation nationwide. This year Gravity also newly opened international sites in Mauritius and a second location in Saudi Arabia, which both run as a franchise, taking its franchise sites to six.
The cross departmental team at Irwin Mitchell advising Gravity was led by Banking partner Paddy Sturman, assisted by Charley Brennan and Mark Appleby. Corporate partner Nick Dawson led on corporate advice assisted by Tom Wisniewski and Property partner James Knowles, assisted by associate solicitor Laura Jones advised on property matters.
This new injection of funds will facilitate the business’ roadmap to grow and strengthen the brand. Having launched the next phase of its exciting offering in 2020 in Wandsworth, London, it is on track to open new Gravity Max sites in Liverpool One, planned for H1 2023, and Westfield Stratford, scheduled for Q4 2023. The funds will also drive expansion with Gravity expected to announce a pipeline of venues in major UK cities as well as further growth overseas.
In addition, Gravity will be investing in the refurbishment of existing Gravity Active sites for enhanced customer experience. There will also be a focus on further developing internal systems to improve the customer journey and boost advocacy and loyalty. In Q4 2022, Gravity announced a partnership with Reef to provide food and beverage services at its Wandsworth site in London.
Alongside operational improvements, the business plans to strengthen its senior leadership team with strategic hires in the coming months that will support wider growth and development of the brand.
Despite the economic climate, Gravity has continued to see high demand for its experiences. Gravity’s revenue exceeded £27m in 2022, up from £17m in 2021. Management is projecting over £50m of revenue in 2024 based on the committed pipeline.
James Knowles, Property partner at Irwin Mitchell said, “We have been advising Gravity on its property work since inception and are pleased to be advising on this new funding which will enable the business to ensure its future expansion plans. We look forward to working further with Gravity as it rolls out future sites and realizes the full potential of its brand.”
Gravity is backed by Guinness Asset Management and was also advised on the transaction by KPMG Corporate Finance