Gravity bags £30m as punters pick experiences over goods
Gravity, which runs trampoline parks and other active entertainment experiences, across the UK, has secured £30m in funding from investor Sculptor to help grow the business.
Gravity, which has 17 sites nationwide, said the funding will help to expend the business, with the group expected to announce a pipeline of new venues in UK cities and overseas.
It currently has one London location at Southside shopping centre in Wandsworth, but is set to open a new site in Westfield Stratford at the end of this year.
Harvey Jenkinson, chief executive of Gravity, told City A.M . that entertainment-led experiences are the “way forward” to bring consumers back to the high street and the country’s shopping centres.
“We have seen the proven added value of Gravity sites at these shopping centres, for example at Wandsworth, we saw a 20 per cent increase in footfall, which was fantastic for ourselves, but also for the other retailers in the building and ultimately the landlord,” Jenkinson said.
News of the additional funding comes as the group posted net revenue of £27m in 2022, up from £17m in 2021, with the firm’s management is projecting revenues of more than £50m in 2024.