SpeedFit acquires direct competitor 20Pulses
Aussie niche fitness franchise chain SpeedFit has acquired three further Melbourne studios with the purchase of direct competitor 20Pulses.
SpeedFit CEO and co-founder Matej Varhalik told Inside Franchise Business Executive the 20Pulses’ founder had planned to franchise the chain but needed to sell his business after returning to France during the pandemic.
“We bought the whole business, taking over all assets and goodwill as well as staff, so we going to rebrand all those locations and we will re-open them under SpeedFit brand once Covid restrictions are eased,” he said.
“We kept almost all 20Pulses team, so clients would see same people but more services would be available to them.”
Varhalik reports SpeedFit’s set-up is a natural fit for a safe workout with just two clients in a studio at one time using the electro magnetic stimulation technology.
“All our WA locations are year on year up by at least 10 per cent. Sydney locations are on average back where they were before Covid,” he said.
“We are about to open another studio in Kotara, Newcastle which will be a franchise and Roland, our Sydney multi-unit franchisee (North Sydney & Gladesville) opens a new one in Bellavista in October.”
The business has a special deal to attract new franchisees. Any franchisee purchases an available territory before 31 December 2020 will get a $20,000 deduction off the $50,000 franchise fee, if it is paid in full.
Varhalik also has an instalment plan offer that will split the full $50,000 over the franchisee term.
SpeedFit brought on investors last year to help build the business two years after rejecting an investment offer on tv show Shark Tank.