interview


The team: Keith Burnet, Allan Casten and Paul Lorimer-Wing – the joint CEOs and CFO of easyGym


managing the relationship with Sir Stelios and the investors, monitoring the overall investment, new business development and capital allocation. Keith implements the strategy from an operational perspective, and Allan [Casten, financial director] is in charge of all things financial and IT.” But, he adds, meeting as we are just weeks before the opening of the first club:


“It’s all hands on deck at the moment!” At the time of going to press, the fi rst


club was scheduled to open late June, in Slough, with a second due to open this month in Wood Green, Greater London. So how has ‘easy’ been translated


into the fi tness arena? “We like to think of easyGym as a ‘core-plus’ model. A premium low-cost offering. It’s still no frills – no pools, sauna or steam – and our prices, although they will vary by area, start at £15 a month. However, in addition to the core offering – the gym – there’s also an element of choice that’s not present in the majority of low-cost clubs, in that you can pay extra to attend group exercise classes: our clubs will have a group exercise studio and a group cycling studio. “We’re going to make sure the


classes are really top-quality, with excellent instructors. You can’t charge for something unless it’s really special. At fi rst they’ll be pay as you go – £4 a time – but ultimately, once we have a programme in place that’s working, we may structure membership packages so regular class-goers can opt for monthly ‘gym plus 15 classes’ or ‘gym plus 20 classes’ deals. Or they can continue with pay as you go. “It won’t be all-inclusive though, as


we want members to feel they’re in control of their monthly expenditure. Being honest, being transparent,


30 FORE CAPITAL PARTNERS


Lorimer-Wing, his former Deloitte colleague Allan Casten, great friend Malcolm Levy and Hong Kong-based Jonathan Bond, a former colleague of Levy’s. FORE’s focus is on identifying investment opportunities in growing markets, raising deal-specifi c equity and managing teams to deliver shareholder value.


F


with no hidden costs – that’s really important to us. The whole point of the easy brand is that we should be clear and simple at all times. “We’re also very fl exible. We’ll hold


people’s data for six months, so they can leave for a few months and then come back without having to pay another joining fee [£25 post-opening]. And there are no contracts. “At the heart of this whole concept


is a genuine desire to be accessible to everyone, helping people become healthier by making gym membership less of a discretionary spend – pricing it at a level whereby they won’t immediately drop off when times are tough. But it’s still very early days and the details will evolve over time. “We’ll keep looking at how to add


value for the consumer. We’re not trying to do everything at once though – for now, it’s about keeping things simple and getting the core proposition right. That’ll probably take us until club number three or four. I think it’s important for the proposition to allow itself to be born – to settle in and give people a chance to appreciate what it stands for.


Read Health Club Management online at healthclubmanagement.co.uk/digital


ounded in 2009, Fore Capital Partners (FORE) is a venture capital firm set up by Paul


Fore Fitness – overseeing the


deal with the easyGroup to create an easyGym chain – is the fi rst offshoot of FORE. Further offshoots will be established as new opportunities are identifi ed. As the fi rst project under the FORE banner, Lorimer-Wing and Casten remain hands-on with the easyGym project – as joint CEO and CFO respectively – while Bond and Levy continue to look for new ventures.


“And from our perspective, everything


has to be accountable: we need to be sure of what works and what doesn’t. We can only provide low-cost so long as we’re in business!”


educational approach The easyGym design project has been led by studioiansherman, with Peter Evans Contract Interiors taking on the building work and fit-out. “We’ve created a zonal gym concept – cardio area, circuit area, resistance by muscle group – to make it easy for members to find their way around. “We believe education is very


important, and we’ll have lots of great information on our website – and eventually video tutorials too – so members can put together effective workout programmes.” The simplicity of the gym layout is designed to make the transition from education to its application in the gym as self- explanatory as possible. “There’ll also be iPads around the


gym fl oor, again offering advice and information. It’s in these little details that we’re trying to be a bit different. The


july 2011 © cybertrek 2011


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