Key facts
- Third Space's revenue surpassed £100 million for the first time.
- Pre-tax profit rose 115% to £11.1 million in 2024.
- Total revenue increased 43% during the period.
- The company is owned by private equity firm KSL Capital Partners.
- Third Space plans to open a new club in Queensway, West London.
Luxury gym operator Third Space has announced record revenue exceeding £100 million for the first time, alongside a significant increase in profitability. The London-headquartered company, which operates over a dozen sites across the capital, saw its total revenue leap 43% to just shy of £100 million in 2024. This robust performance represents a turnaround from pandemic-induced losses of nearly £20 million between 2020 and 2021. According to accounts filed with Companies House, Third Space's pre-tax profit surged 115% to £11.1 million in 2024. The company attributed the improved results to both like-for-like trading at existing clubs and the contribution from four new facilities. Third Space is set to expand further with a new club opening in Queensway, West London, as part of a major regeneration project. In contrast, its London-based premium fitness rival Equinox reported a £21 million loss for its 2024 financial year, a 267% increase from the previous year, and has scrapped plans for a new Shoreditch location.