We wanted to talk a bit more about Mike and the transformative effect he's had on us as a business and as a management team. Mike is our Chairman, he's non-executive, but he takes a close interest in the business and we speak to him most days. His guidance and mentoring has helped us develop into a mission focussed and commercial management team. His background in club businesses means he understands the need to deliver value to members every day.
Mike set up Fitness First in the 90s, back when gyms weren't really a thing. He made an enormous success out of the opportunity, with the typical ups and downs all entrepreneurs go through. Ultimately, he delivered a great experience to his 1.5 million members and through that a huge amount of value to his shareholders, with multiple liquidity events. He exited when the company was worth £830m.
He is a big proponent of crowdfunding, and being a club man, likes the concept of making members investors. He has had successes with Crowdcube previously, most recently he achieved a 2x exit for crowd investors with 1Rebel, a gym business founded by his son. Mike is a strong believer in delivering not just paper returns, but liquidity to investors.
Mike invested in us because he can see the scale of the opportunity and the growth trajectory we are on. Like us, he believes that the way kids bikes will be consumed is fundamentally changing and by investing in the Bike Club you will be part of that change.