45 studios to open in CycleBar master franchise agreement
US indoor cycling franchise CycleBar has signed a master franchise agreement for at least 45 studios to open in Australia.
CycleBar delivers 45-minute low-impact, high-intensity instructor-led cycling workouts for all ages and body types in a premium, high-energy setting.
A master franchise agreement for Australia was signed with Spin X Operations – husband and wife team Matt and Candice Gordin, and Matt’s father Bill.
Franchise and cycle industry experience
The family have been immersed in the world of cycling, and Matt and Candice also have franchise experience.
For nearly six years the couple held CEO and head of finance roles at BikeExchange USA, a large marketplace for bicycle products.
Candice was operations manager for Wild Cards & Gifts; Matt a franchisee and GM for 24-strong cycle store chain Bike Force.
Bill Gordin founded Bike Force in 1991 and is also a seasoned competitive cyclist, with a gold medal at the World Masters Championship in 2018.
Matt takes on the CEO role for CycleBar Australia.
“We’re very excited to bring CycleBar to Australia this year,” he said. “There’s a real spirit of connection and camaraderie inherent in CycleBar’s experience.
“It’s a strong brand with proven operational success and we believe Australians will welcome such a thrilling ride experience and community.”
The first studio is expected to open in Western Australia at Currambine.
It will cost between $300,000 and $500,000 for franchisees to invest in a standard or premium CycleBar studio, Matt told Inside Franchise Business Executive.
Xponential Fitness group
CycleBar was founded in 2004, is head-quartered in California and is part of the Xponential Fitness portfolio.
The business has seven other niche brands: Pure Barre, Club Pilates, AKT, Row House, StretchLab, YogaSix and Stride.
Xponential Fitness also has a presence in Canada, Japan, South Korea, Saudi Arabia, Germany, Austria and Singapore.