Leisure operator Gravity secures £30m cash injection from US hedge fund ahead of the launch of its hi-tech entertainment centre in Liverpool ONE. Tony McDonough reports
A leisure operator that is to open a £10m venue in Liverpool this year has secured a £30m investment.
Established in 2014 as a trampoline park operator by Harvey Jenkinson, Michael Harrison and Simon Whicker, Gravity now operates 17 sites across the UK and has further operations in Mauritius and Saudi Arabia.
In the first half of 2023 Gravity Max will launch a multi-activity entertainment venue in Liverpool. Costing £10m, Gravity will occupy 100,000 sq ft on the upper floors of the former Debenhams store in Liverpool ONE.
It will feature 11 immersive experiences including e-karting, bowling and urban golf. It will also offer food and drink and live entertainment.
Liverpool ONE owner Grosvenor has also secured a letting for the building with Marks & Spencer. The retailer will leave its current Church Street home, which it has occupied for almost 100 years, by this summer.
Liverpool property services firm The Momentum Group has secured a deal for the fit-out and delivery of Gravity Max. It is the leisure operator’s largest project in the UK to date.
Now Gravity has secured a £30m cash injection to support its expansion plans.
The funding is being provided by Sculptor Real Estate, the property business of hedge fund Sculptor Capital Management which is based in the US.
Alongside operational improvements, the business plans to strengthen its senior leadership team with strategic hires in the coming months that will support wider growth and development of the brand.
Despite the economic climate, Gravity has continued to see high demand for its experiences. It exceeded £27m in 2022, up from £17m in 2021. Management is projecting revenues of more than £50m in 2024 based on the committed pipeline.
Co-founder and chief executive Harvey Jenkinson said: “This funding has come at a pivotal and exciting time for Gravity with the launch of our Gravity Max brand at Liverpool One and London Westfield Stratford this year.
“We are thrilled to build our relationship with Sculptor on this investment. This backing will help us realise the full potential of the Gravity brand, ensuring the rollout of our business plan and achievement of strategic objectives.”
Gravity is backed by Guinness Asset Management and was advised on the transaction by KPMG Corporate Finance and Irwin Mitchell.
KPMG’s team was led by Mike McDonald and Chris Lloyd. Mr McDonald added: “Harvey, Michael, Simon and the team have developed an innovative and exciting experiential leisure proposition.
“It brings together multiple active entertainment activities under one roof. Customer response has been fantastic and developers are keen to partner at high footfall locations across the UK and overseas.”