05 Sep 2018
Boom Cycle appoints David Lloyd as chair
BY Tom Walker
Boutique fitness operator Boom Cycle has named industry veteran David Lloyd as its non-executive chair.
According to Boom co-founder Hilary Rowland, Lloyd – who founded David Lloyd Leisure in 1982 and subsequently floated it on the stock market – will help guide the indoor cycling brand's "rapid expansion" and strategic development.
“We're thrilled that David is joining us," she said. "It means we can grow even faster and deliver our unique experience to more riders.”
Launched in London in 2011 by Rowland and her husband Robert, Boom Cycle has secured the backing of a number of investors – including Pembroke VCT, Nectar Capital, Andurand Capital, and Prism Finance.
Focusing on indoor cycling which "engages riders mentally as well as physically" through personalised coaching, Boom currently operates four locations in London – in Holborn, Hammersmith, Monument and Battersea Power Station – and will launch its next site in early 2019.
It is planning to expand outside the capital "in the coming years".
“We're proud of what we have accomplished at Boom Cycle, and delighted that David is joining as chair to add his renowned experience and network to our cause," said co-founder Robert Rowland.
David Lloyd added: “The team at Boom Cycle has clearly defined the indoor cycle space in the UK, and have developed a compelling, differentiated customer proposition.
"Customer engagement is remarkable, execution of the customer experience is unique, and margins are strong. Boom has proven itself as a leader in its market and we expect the company to grow both by organic expansion as well as a consolidator of the sector going forward.”
Robert Rowland added that Lloyd's appointment was "timely", as the company recently launched a crowdfunding campaign to "aid its next stage of growth" in the UK.
It has set a minimum target of securing £750,000 via funding platform Crowdcube.
"2017 was a seminal year for Boom Cycle," Rowland said.
"We completed a brand overhaul, opened two studios and acquired a competitor and re-opened that site under the Boom Cycle brand.
"We started with a tiny basement space in a back street in Shoreditch but our ambitions have always been the same, to make Boom Cycle a national brand recognised all over the UK."
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