30 May 2019
Psycle to close Canary Wharf studio in June – blames delays in Crossrail project
BY Tom Walker
Boutique indoor cycling operator Psycle has written to its members, announcing plans to close its studio at Canary Wharf in London.
In an emailed letter, CEO Rhian Stephenson said she was "saddened to announce" the closure and blamed it on the delays in the Crossrail project – and the knock-on effect they have had on footfall.
"I’m writing to let you know of an important change happening at Psycle," she wrote.
"On June 20th, we will be closing the Canary Wharf Studio.
"Since launching in June 2016, the success of Canary Wharf has largely depended on the promise of Crossrail.
"With one setback after the next and the subsequent loss of footfall, trading conditions have continued to be more difficult than we had anticipated.
"This has forced us to reconsider our options and ultimately led to this unfortunate decision.
"Although we are closing this studio, Psycle still has plans to grow and we’ll be announcing our next new studio shortly, so stay tuned for more information.
"To our incredible Canary Wharf community, thank you for your passion and energy!"
Canary Wharf is the financial heart of London and a potentially lucrative location for premium health clubs due to the large number of high-net-worth individuals.
It is, however, a highly competitive market, with Virgin Active, Third Space, Nuffield Health, Reebok CrossFit and a number of other operators contesting it for footfall.
Psycle was founded in 2013 and opened its first studio on London's Mortimer Street in February 2014. That was followed by the launch of the Canary Wharf site and further studios in Shoreditch and Clapham.
In an interview with HCM in January 2018, current CEO Rhian Stephenson said the company had secured £3m (US$4.1m, €3.4m) of investment and planned to double its presence in London – and was considering "expanding beyond the UK".
To read the full interview with Stephenson from January 2018, click here.
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