19 Jul 2018
MoreYoga entrepreneurs plan 100 studios for London
BY Tom Walker
Entrepreneurs Shamir Sidhu and Daniel Marin are aiming to build the UK’s dominant yoga chain with their “no fuss” budget brand, MoreYoga.
"We aim to be the dominant chain," Sidhu said. "By 2022 we visualise having 100 sites in London and have growth in regional cities."
There are currently 15 MoreYoga studios across London, with a pipeline of a further 15 in places such as Stratford, Tower Bridge and Surrey Quays. Launched last month, Tower Hill is the most recent club.
The brand is the second fitness venture the pair have launched – and arguably the most successful one.
"Our first business was personal training studios called MoreFit, which we launched in 2014," Marin said.
"We had three, but growth was slow and we realised yoga offered much more potential, so we switched our focus.
"Starting in 2016, we self-funded the first four studios, then used loans to drive growth. Now we’re financed by debt from Michael Shaw at The Huddle, which is enabling us to expand more aggressively."
The pair says that the target of 100 sites is a realistic one. While the yoga market is filling up with sites, Sidhu says the market is fragmented and has space for a large operator.
"There are lots of players in the yoga market, but many are small independent studios," Sidhu adds. "We aim to be the dominant chain in the market."
MoreYoga's business model is simple – filling the gap between village hall yoga and boutiques, the idea is to concentrate on providing as much of a variety of yoga as possible.
"We don’t have reception desks or showers, the fit-out cost of each studio is low, which means they become profitable quickly," Marin said.
"Also the studios are only staffed when a class is in progress: the yoga teacher opens it 20 minutes before and the booking-in for classes is done online."
"We look for open spaces of 800 to 1200 sq ft (74sq m to 111sq m), with no pillars. Former betting shops and retail outlets work really well. Our studios enhance the high street and bring more footfall."
To read a full interview with Sidhu and Marin, click here for the July issue of Health Club Management magazine.
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