Gymshark's Ben Francis in Talks to Buy Back Stake from General Atlantic

Gymshark’s Ben Francis in Talks to Buy Back Stake from General Atlantic

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7.5.2026

Quick Facts

General Atlantic invested £200 million in Gymshark in 2020, taking a 21% stake that valued the brand at more than £1 billion.
Francis currently holds about 70% of Gymshark and is exploring financing options with banks to fund the buyback.
Gymshark revenue rose 6.5% to £647 million in the year to July 2025, while pre-tax profit fell from £11.8 million to £6.9 million.

Gymshark founder and CEO Ben Francis is in talks to buy back part of the stake held by private equity firm General Atlantic, according to a report from the Financial Times published July 3. The discussions center on the size and valuation of a potential transaction, with Francis also exploring financing options with banks.

Francis is considering purchasing General Atlantic’s full holding, but a partial buyback is seen as the more likely outcome. Both Gymshark and General Atlantic declined to comment.

The Original Deal

General Atlantic acquired its 21% stake in Gymshark in 2020 for £200 million, a deal that pushed the British activewear brand past a £1 billion valuation. The firm, which manages more than $126 billion in assets, holds a board seat at Gymshark. Its past bets include Airbnb, Alibaba, Facebook, and Uber.

At the time of the deal, Forbes valued Francis’s stake at more than $900 million. His net worth has since grown to $1.2 billion, placing him on Forbes’ Real Time Billionaires list as the youngest billionaire from the United Kingdom.

Financial Performance

Gymshark filed accounts at UK Companies House showing revenue climbed 6.5% to £647 million in the year ending July 2025. Pre-tax profit dropped from £11.8 million to £6.9 million over the same period.

Francis said the profit decline was deliberate. He described it as laying down the foundations for future growth. The company’s annual results point to lower discounting and stronger marketing as drivers of improving sales momentum heading into the current fiscal year.

What a Buyback Signals

A stake repurchase would mark a departure from the IPO path. Francis met with UK Chancellor Rachel Reeves last October as she sought to encourage British companies to list in London. People familiar with the matter say Gymshark had previously considered a public offering. Buying back shares instead signals Francis wants to keep direct control as the company expands its retail footprint.

Gymshark started as a pure-play e-commerce brand founded in 2012 from a garage with a sewing machine and screen printer. It now serves more than 10 million customers across 230 countries through 14 international online stores. The company has been pushing into physical retail and recently promoted Carly Natalizia to Chief Commercial Officer to oversee its cross-channel commercial strategy.

Founder Control Takes Priority

Francis reclaimed the CEO role in 2021 after stepping aside in 2017 for Steve Hewitt. His return coincided with a renewed focus on brand and long-term growth. Buying back equity now would deepen that control at a moment when Gymshark is trying to prove it can scale beyond its direct-to-consumer origins.

The company employs more than 900 staff globally and carries over 18 million social media followers. The activewear market remains competitive, but Francis has indicated confidence in where the brand is headed.