By Simon Hunt

Copyright cityam

Third Space has reported a more than doubling of profits after an expansion in venues helped drive a surge in memberships.

The London-based luxury gym club, which operates more than a dozen sites across the capital, posted a 115 per cent rise in pre-tax profit to £11.1m in 2024, accounts published to Companies House show.

The firm, which is owned by US private equity business KSL Capital Partners and charges hundreds of pounds for a monthly membership, saw total turnover jump 43 per cent during the period to just under £100m.

The group’s strong performance marks a solid recovery from a precarious period during the pandemic, when revenue slumped and losses neared £20m between 2020 and 2021.

“2024 was a positive year for the business, as it saw continued growth in membership levels and profitability,” Third Space said.

“The improved results are driven by both like-for-like trading clubs…and reflecting additional trading in the year from four new clubs.”

Third Space is set to expand further in the coming months with the opening of a new gym in Queensway in West London, situated in the former Whiteley’s shopping mall, which has since been converted into luxury flats in a £1bn redevelopment.

Luxury gym rivalries

The company’s stellar results stand in marked contrast to its biggest London luxury gym rival, Equinox, which saw its losses almost triple over the same period.

The firm, which has just three sites in London – in Bishopsgate, Kensington and St James’s – posted a £21m loss for its 2024 financial year, a rise of 267 per cent compared to the previous year.

The company’s net liabilities now stand at just shy of £100m since launching in the capital in 2012. Plans to open a fourth site in Shoreditch have since been abandoned.

Equinox UK, which is a subsidiary of New York based health firm Equinox Group, said it was reliant on financial support from its US parent to continue trading, while auditors “drew attention” to the “risks and uncertainties” facing the company.