Xercise4Less has secured £31m worth of finance as the low cost gym chain bids to turbocharge its growth and reach 100 sites by the end of 2016.

The chain started in 2006 by former rugby player Jon Wright currently has 24 gyms and hopes to utilise the capital for a rapid upscale. It has attracted a further £5m equity investment from the Business Growth Fund (BGF), in addition to an increased debt facility of £20m with Lloyds Bank Commercial Banking and a further £6m in asset finance and leasing facilities.

“We are less than half way through a five year plan, with ambitions to grow to over 100 gyms nationwide and create more than 4,000 jobs,” said founder and CEO Jon Wright.

“Having investment backing of this kind enables me to fully realise my vision for the business and drive it forward at the pace it needs for us to further disrupt the leisure industry and strengthen our place amongst the big players.”

The Yorkshire-based gym chain has seen turnover almost double in the last year to reach £13m. This prompted the group to be included on the Sunday Times Virgin Fast Track 100, where it was named the 21st fastest growing private company in Britain.

Health Club Management understands the chain aims to open around 30 gyms in 2015 as it seeks to go truly national, including a first foray inside the M25 through a number of new clubs. The company has also announced that four new clubs – Milton Keynes, Gateshead, Stoke and North Shields – will open at the end of April.

To read an interview with Xercise4Less CEO Jon Wright from September 2013's Health Club Management magazine, click here.