Ben Dunne hopes to double gym revenue in expansion

Gym owner Ben Dunne yesterday announced a major expansion of his gyms business outside Dublin as he aims to double revenue and boost operating profits in the next four years.

Mr Dunne said he wants to open eight gyms to add to his existing 11 gyms this year. The business employs 70 people.

“I think we can double our turnover and triple operating profits over the next four years. We are looking at operating 20 gyms very quickly,” Mr Dunne said

“There is so much opportunity here now. I am 67 at this stage. I have about four to five years business desire left in me and I would like to leave a strong business behind me. The brand is very good,” he said.

Mr Dunne said revenues for his gym business last year totalled “roughly” €9.5m with operating profit reaching €2.2m.

The expansion this year will take place outside Dublin because he said property owners seeking high rents in the capital “are living in cloud cuckoo land”.

“Trying to get property in Dublin is next to impossible,” he said.

Accounts show Mr Dunne pumped €1.5m into the business last year. He said that a further €4m will be invested this year and much of this will be tapped from surplus cash.

Mr Dunne said he opened his first gym outside Dublin in Navan, Co Meath, in March, which had opened his eyes to the potential in the rest of the country.

“We are hoping to open a further six gyms and we hope to do the deals on those between now and September and then they are subject to planning,” he said.

The number of members using his gyms was now over 60,000 and new membership is up 20% in the year, he said.