Somerset gym chain expands after major funding boost

A Somerset entrepreneur has secured £200,000 to expand his chain of gyms in the county. Craig Stephens, owner of fitness firm Trident, will use the finance package to finish fitting out his new facility in Yeovil.

Mr Stephens opened his first gym in Bridgewater in 2019 and doubled its size during the pandemic by acquiring an adjacent unit. Building on the success of the 24-hour boxing-themed Bridgewater venue, he launched a second site earlier this year in Weston-super-Mare, taking over a unit that was previously a Mothercare store. He currently employs 10 people across his two gyms.

The former builder said he would use the new funding to kit out his new Yeovil site, expand his membership from 1,300 to 1,500 and drive increased revenue from sales of his Trident-branded gym equipment.

He said: “To treble the size of the Trident chain by opening our third gym in less than five years is a fantastic achievement and down to our vision for the business and the hard work of the talented team we have in place."

Mr Stephens secured the funding from alternative lender Reward Finance Group. The remaining working facility provided by Reward will be used to secure a plot of land behind his home in Glastonbury, with the long-term aim of transforming it into a glamping and camping site.

David Owen, Reward’s business development director for Wales and the South West, added: “Craig is obviously a very successful and respected entrepreneur in the region and has a proven track record of opening and running gyms. When he approached us, we knew that he required funding at pace to both ensure the opening in Yeovil was not delayed and to further accelerate the sales growth of Trident’s brand of equipment."

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Trident Gyms has worked with the same landlord, who will be refurbishing the existing unit in Yeovil, across all its venues portfolio.

The deal between Trident Fitness and Reward Finance Group was brokered by Tom Lester at Lester & Co Mortgages.