Braveheart's Envestors funds payasUgym

RNS Number : 8144E

Braveheart Investment Group plc

16 May 2013

 



Press release

16 May 2013

Envestors adds muscle to payasUgym.com with further fundraising   

Envestors Limited, the award-winning private investor network dedicated to helping investors source dynamic companies in need of growth capital, has closed a further funding round for payasUgym.com, the UK's largest pay-as-you-go gym network. Of the total US$1.5 million (£976,000) raised, £250,000 was sourced from the Envestors network.  The latest fundraising round brings the total raised to £2 million since payasUgym.com was launched in 2011.

Envestors is a wholly-owned subsidiary of Braveheart Investment Group plc (BRH), the AIM-listed investment management group specialising in venture capital investments and investment services to business angels, high net worth individuals, family offices and public sector organisations.

payasUgym.com allows customers to purchase discounted gym passes throughout the UK, without having to pay for membership or joining fees. Instead, payasUgym.com offers customers gym passes over a variety of time periods, from one session to three months, to a wide range of fitness facilities: leisure centre gyms, swimming pools and luxury spas.  Customers can purchase passes through the payasUgym.com website or with a smartphone application and passes are sent to a user's phone.

payasUgym.com is helping to get the nation fitter by offering people cheaper and easier access to fitness facilities.  Currently working alongside over 1,000 gyms, payasUgym.com is increasing fitness participation across the nation, targeting those who were either previously inactive or seeking another gym to attend on top of their monthly membership. Its marketing partners include Tesco Clubcard and O2. 

"Our business has been steadily increasing since launching in 2011,'' said Jamie Ward, CEO and co-founder of payasUgym.com. "Our pay-as-you-go model now gives customers access to over 1,000 gyms in the UK and we are helping to grow the health and fitness industry by helping people get back into gyms. With this further help from Envestors we are powering ahead with our growth plans.''

Nick Taylor of Envestors said: "We started working with payasUgym.com in 2010 and this is the second time we have assisted with raising funds for them. We believe payasUgym.com has great potential."

Further information:

Braveheart Investment Group plc

Geoffrey Thomson, Chief Executive [e-mail]

Tel: [phone]

Sanlam Securities UK Limited (Nominated Adviser and Broker to Braveheart)

Lindsay Mair Catherine Miles

Tel: [phone]

Envestors Limited

Scott Haughton, Founder Director [e-mail]

Tel: [phone]

payasUgym.com

Jamie Ward, CEO and co-founder [e-mail]

Tel: [phone]

Media enquiries:

Allerton Communications

Peter Curtain [e-mail]

Tel: [phone]

Notes to Editors

Braveheart Investment Group plc

Braveheart provides financing and associated advisory services for small and medium sized enterprises (SMEs) as follows: 

For the company looking to raise money, we provide:

·     Equity capital.  This form of financing is typically long term and is usually appropriate for fast growing businesses or early stage companies.  We will consider equity financings where our individual investment, or the investment we arrange, would normally be a maximum of £2m although we are happy to participate in larger financings as part of a syndicate;

·     Debt finance.  Short to medium term and for companies with cash flow to service the loan.  Our unit size for this type of finance is up £1m and we will usually provide junior debt which is unsecured but linked to an equity instrument;

·     Corporate finance advice on all aspects of raising money, strategic development and corporate governance.

The money we invest comes from a variety of sources (see below) and is sometimes linked to particular geographical locations.

To the investor, we provide a one-stop shop service to those in one of the following groups who are looking for exposure to SME investments:

·     High net worth (HNW) individuals looking to build tax efficient Enterprise Investment Scheme (EIS) and Seed EIS portfolios;

·     Family offices and private sector institutions;

·     The Public sector.

Investors can choose between investment types ranging from self-build portfolios, to a full fund management service.

www.braveheartgroup.co.uk

Envestors Limited

Envestors enables investors to source dynamic unquoted companies in need of growth capital.  Comprising high net worth private investors, family offices, funds and venture capital sources, its network has helped over 65 companies raise in excess of £25 million, the majority of opportunities attracting taxation benefits under the Enterprise Investment Scheme (EIS).

Services to companies include intensive preparation for fundraising, initial due diligence and screening, facilitating corporate fundraisings through in-demand investor presentation events and face-to-face meetings with potential investors, and placing of non-executive talent.

Envestors was awarded the "Private Investor Network of the Year" at Investor Allstars in 2009 and again in 2011 and is a wholly-owned subsidiary of Braveheart Investment Group plc.

www.envestors.co.uk

 

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