Gymshark founder Ben Francis is reportedly looking to buy back the 21 per cent stake his business sold to US private equity firm General Atlantic.

The Financial Times – which broke the news – said that it comes after an ailing performance at the sportswear retailer, which was worth about $200 million at the time of the investment. 

Gymshark has recorded 13 consecutive years of revenue growth but, in the most recent financial year, its pre-tax profits fell from $15.74 million to $9.2 million. 

Francis co-founded Gymshark in 2012 at 19. Originally making the products in his garage with a sewing machine, the now-CEO of the company has taken Gymshark to a company worth around $1.45 billion. In 2016, it was named the fastest-growing company in the UK.

In 2022, Gymshark opened its flagship store on Regent Street in London, marking its brick-and-mortar debut. Since this opening, the company has said that operating costs have increased and have played a part in the decline in profits.

The company’s flagship store in New York at Roosevelt Field, Long Island, opened in October last year. While the US is one of its biggest markets, Gymshark continues to operate in around 130 countries.

Currently holding around 70 per cent of the company, the FT added that Francis is likely to buy just part of General Atlantic’s current stake to further his strategic control of the business.