LOW-COST GYM CHAIN Flyefit recorded a slight dip in profits in the most recent financial year, but the outfit also registered a 50% bump in sales.
Newly filed accounts show that the Dublin-based group booked a profit of just over €1.6 million in 2016, down slightly on the 2015 tally, after taking in just over €8.7 million through membership fees and ancillaries.
A report accompanying the 2016 accounts stated that the directors considered the company’s financial results “satisfactory” and expect “continued growth in the foreseeable future as the business continues to expand”.
The business is owned by Brendan O’Hagan and Sé Kennedy. Co-founders Jackie Skelly and Mark Tooke – who lost control of the Jackie Skelly gym group in 2010 – and Karen Fallon resigned as directors of Flyefit during the financial period covered.
Filings show that the Skelly, Tooke and Fallon are in line for a €2.4 million payout as part of the deal to exit the company.
Flyefit currently operates nine gyms in Dublin, four of which run on a 24-hour basis. The newest branch opened earlier this month at the CHQ building in the capital’s IFSC financial quarter.
The group’s 10th location is expected to opened in Stillorgan later this year.
Flyefit has about 38,000 members who pay a minimum membership fee of €29 per month to gain access to the gym’s facilities and avail of its ‘free’ classes hosted by self-employed personal trainers.
In 2016, the company employed an average 50 workers, mostly in administrative roles. That’s 16 more average employees than in 2015. Its wages and salaries bill for the year was worth about €22,290 per head.