Deal to deliver 30 new Gold’s Gym Australia studios
Presence for Gold’s Gym Australia is set to explode with the iconic US fitness franchise securing a blockbuster new signing.
The gym chain has announced a new master franchise agreement for brand development in Australia with local investment group Colour Capital. In addition to continued growth for Gold’s Gym Australia, the Colour Capital deal will also see the brand make its landmark entry into New Zealand.
Under the terms of the agreement, Colour Capital is set to deliver a minimum of 30 new Gold’s Gym Australia locations, and a minimum of 10 in New Zealand.
Adam Zeitsiff, president and CEO of Gold’s Gym said that the new partnership would allow Gold’s Gym Australia to continue its aggressive expansion strategy.
“Through this partnership with Colour Capital, we now have the opportunity to not only grow Gold’s Gym’s Australian presence exponentially, but to expand into the exciting New Zealand market as well,” Zeitsiff said.
“We look forward to working closely with Matt Hope and his team to deliver to these wonderful countries the best of what our global brand has to offer.”
Gold’s Gym Australia
The latest announcement marks a significant step in the Gold’s Gym Australia journey. The brand was founded in the US in 1965 and after building an extensive membership base, successfully launched its inaugural Australian franchise model.
In 2014, then master franchisee, Leigh Taylforth unveiled plans to open 50 Gold’s Gym Australia studios over 10 years. However, a string of reported leasing disputes hampered growth, with the brand opting to part ways with the Taylforth in 2016.
Speaking at the time, Craig Sherwood, senior vice president for franchising and international, Gold’s Gym said the brand would need to restructure Australian operations in order to deliver on expansion targets.
“We see tremendous opportunity in the Australian fitness market and are thrilled to strike new deals with our direct franchisees there,” Sherwood said. “These deals will allow the Gold’s Gym brand to continue to grow while we begin the search for a new master franchise partner.”
After three long years of searching, it appears Gold’s Gym Australia has finally found the partner to deliver on that growth.
New master franchisee
Sunshine Coast-based capital firm Colour Capital is a franchise growth and management specialist. While the group’s extensive franchise portfolio crosses a number of verticals, the new Gold’s Gym Australia deal marks Colour Capital’s inaugural foray into the fitness space.
“As we researched options for expanding our portfolio by stepping into the health and wellness space, we immediately recognised an opportunity in the fitness markets of Australia and New Zealand that only the legendary Gold’s Gym brand can fulfil,” said Matt Hope, CEO of Colour Capital.
“In the months since we began working with Gold’s Gym, we’ve already seen what an invaluable resource this experienced team’s support will be to us, and we are excited to continue our efforts with them as we work to grow the brand’s presence in these two countries.”
Effective immediately, the fitness chain will work alongside the new master franchisee to transition the six existing Gold’s Gym Australia franchised locations under the new ownership banner.
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