Gymshark founder in talks to buy back part of General Atlantic's stake

Ben Francis, founder and Chief Executive of Gymshark, is in negotiations to buy back part of the 21% stake held by US private equity firm General Atlantic, according to reports by the Financial Times.

Francis, who still owns a majority stake in the company he founded out of his parents' garage in 2012, is now looking to further tighten his control over the company. 

Sources told the publication that while Francis had considered buying back the entirety of the General Atlantic stake, he is more likely to buy parts of it.

General Atlantic invested £200 million in Gymshark in 2020, taking a 21% stake that valued the business at more than £1 billion. The deal catapulted Gymshark to UK retail unicorn status and gave General Atlantic a board seat, while Francis increased his holding in the company around 70%.

While Francis has previously been linked to a possible stock market listing for the business – he met with Chancellor Rachel Reeves last October as she tried to encourage more British companies to list in London – a buyback would instead underline how Francis is focusing on creating a profitable future for the company that looks beyond its direct-to-consumer roots.

This is also supported by recent leadership shifts. In February, Gymshark promoted Carly Natalizia to the role of Chief Commercial Officer - an expanded role from her previous position as Chief Digital Officer - where she oversees the brand's commercial strategy across all channels.

While the company has seen consecutive revenue growth, the move follows a year in which profitability was weaker. For the year ending 31 July 2025, Gymshark posted sales of £646 million, compared with £607.3 million in FY24. However, pre-tax profit slipped to £7 million from £11.9 million a year earlier.

Francis said the profit dip was intentional, and that he was "laying down the foundations for future growth as a business". 

This investment includes Gymshark opening its Regent Street flagship in London in 2022, to which it has since added stores in Manchester, Amsterdam, Dubai, Long Island and a US flagship in New York in December 2025. A first public gym, the Gymshark Lifting Club in Miami's Wynwood neighbourhood, was announced in April.

Yet, with increasing competition and restrained consumer spending, alongside the subsequent impact on profits, the company has been restructuring. As part of this, last year, it put 296 roles at risk, citing macroeconomic volatility.

TheIndustry.fashion has reached out to Gymshark and General Atlantic for comment.