Battle · 5 companies
London's premium gyms
Premium prices, premium pressure: someone is running out of breath
Third Space leads on 4 of the five measures that matter most: turnover, pre-tax profit, profit margin, growth and net assets. Third Space is the biggest by turnover at £99m, against £28m at 1Rebel. Gymbox keeps the most of every £100 it takes, £15.74 as pre-tax profit.
The year ends are up to 12 months apart, so this compares each company's most recent filing rather than the same twelve months. 1Rebel, Equinox and Barry's file group accounts that include subsidiaries; Gymbox files for a single company, which flatters the groups on size.
Accounts compared: Third Space to Dec 2024 · Gymbox to Dec 2025 · 1Rebel to Dec 2025 · Equinox to Dec 2024 · Barry's to Dec 2024
The Numbers
| # | Company | Turnover | Change | Pre-tax profit | Margin | Employees | Pay per head | Turnover per head | Net assets | Bank and cash | Accounts to | Basis |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Third SpaceThird Space Holdings Limited | £99m | +42.9% | £11m | 11.4% | 887 | £41,000 | £112,000 | £21m | £10m | Dec 2024 | n/d |
| 2 | 1RebelOne Rebel Ltd | £28m | +3.7% | £1.2m | 4.2% | 360 | £20,000 | £77,000 | £6m | £1.2m | Dec 2025 | Group |
| 3 | GymboxSparring Partners Limited | £26m | -0.5% | £4m | 15.7% | 207 | £26,000 | £126,000 | £2m | £1.9m | Dec 2025 | Single company |
| 4 | EquinoxEquinox Fitness Holdings UK Limited | £21m | +8.0% | -£21m | -101.3% | 193 | £51,000 | £108,000 | -£96m | £1.2m | Dec 2024 | Group |
| 5 | Barry'sBarrys Bootcamp UK Limited | £16m | +10.2% | £2.0m | 12.4% | 183 | £36,000 | £87,000 | -£0.8m | £4m | Dec 2024 | Group |
Ranked by turnover. Click any column to sort. The leader on each measure is highlighted. Movements are against each company's own prior year. Pre-tax profit is filed except where marked (est.).
Category winners
Biggest by turnover
Third Space
£99m
Most pre-tax profit
Third Space
£11m
Highest profit margin
Gymbox
15.7%
Fastest-growing turnover
Third Space
+42.9%
Biggest employer
Third Space
887 staff
Highest pay per head
Equinox
£51,000
Most turnover per head
Gymbox
£126,000
Largest net assets
Third Space
£21m
Most cash
Third Space
£10m
The Takeaway
- Gymbox converts the most of its turnover. Of every £100, £15.74 reaches pre-tax profit, against a loss of £101.30 at Equinox.
- Third Space is the largest on the top line, £99m of turnover, 3.6x 1Rebel's £28m.
- Third Space is growing fastest, turnover +42.9% on its own prior year. Gymbox went backwards.
- Third Space is the biggest employer with 887 people; Equinox pays the most per head, an average staff cost of about £51,000.
- Third Space has the largest balance sheet, net assets of £21m.
Who keeps the most of every £100 of sales?
Gymbox keeps the most: £15.74 of every £100 of turnover becomes pre-tax profit. Equinox does worst, losing £101.30.
Financing bites hardest at Equinox: £32.49 of every £100 goes on interest.
Every profit figure here is the one the company filed.
The chart splits each company's turnover into £100: what goes on people, on interest and on everything else, and what is left as profit.
Out of every £100 of turnover
Each column is £100 of that company's own turnover, so companies of any size compare on one scale; the figures are pounds out of each £100, not millions. Companies run from the best margin to the worst. Payroll is staff costs, financing is interest paid, other running costs are everything else, and profit is pre-tax profit, filed or estimated as marked in the table. A loss is not an extra cost: it is the part of the costs that runs past the £100 line, marked with a red bracket. Hover over any segment for its figure.
Who is the biggest, and does the comparison hold?
By turnover the order is Third Space (£99m), 1Rebel (£28m), Gymbox (£26m), Equinox (£21m), Barry's (£16m).
By headcount, Third Space leads with 887 employees.
The comparison holds with the dates stated plainly: Third Space to Dec 2024, Gymbox to Dec 2025, 1Rebel to Dec 2025, Equinox to Dec 2024, Barry's to Dec 2024. The bases differ: group accounts include the businesses a company owns, single-company accounts do not.
Turnover on the latest filing
Who is growing fastest?
Third Space grew fastest, turnover +42.9% on its own prior year, ahead of Barry's (+10.2%), Equinox (+8.0%), 1Rebel (+3.7%), Gymbox (-0.5%).
Turnover change on each company's own prior year
Who employs the most, who pays the most, and who brings in the most per head?
Third Space employs the most, 887 people, against 360 at 1Rebel.
Equinox has the highest average staff cost, about £51,000 a head; 1Rebel the lowest, about £20,000.
Gymbox brings in the most turnover per employee, about £126,000, against £77,000 at 1Rebel. It says as much about the business model as the workforce: a marketplace or a wholesaler needs far fewer people per pound than a restaurant or a gym.
Third Space
887
employees, about £41,000 pay a head, £112,000 turnover a head, +16.3% on the year
Gymbox
207
employees, about £26,000 pay a head, £126,000 turnover a head, +2.0% on the year
1Rebel
360
employees, about £20,000 pay a head, £77,000 turnover a head, +7.8% on the year
Equinox
193
employees, about £51,000 pay a head, £108,000 turnover a head, +7.2% on the year
Barry's
183
employees, about £36,000 pay a head, £87,000 turnover a head, +0.0% on the year
Who owns each one?
Ownership as recorded on the Companies House register of people with significant control, in the bands the register uses.
Held by Marlin Bidco Limited
A company recorded as a person with significant control. 1 outstanding charge on the register.
Who owns Third Space →
Sparring Partners Limited · 04204345Held by Sparring Partners Holdings Limited
A company recorded as a person with significant control. 2 outstanding charges on the register.
Who owns Gymbox →
One Rebel Ltd · 08827353No controller recorded
The register shows no person with significant control. 2 outstanding charges on the register.
Who owns 1Rebel →
Equinox Fitness Holdings UK Limited · 10256500No controller recorded
The register shows no person with significant control. 5 outstanding charges on the register.
Who owns Equinox →
Barrys Bootcamp UK Limited · 11120435Held by Mr James Waskovich, Jr.
An individual recorded as a person with significant control. 1 outstanding charge on the register.
Who owns Barry's →
What does the full ledger show?
| Measure | Third Space | Gymbox | 1Rebel | Equinox | Barry's |
|---|---|---|---|---|---|
| Registered name | THIRD SPACE HOLDINGS LIMITED | SPARRING PARTNERS LIMITED | ONE REBEL LTD | EQUINOX FITNESS HOLDINGS UK LIMITED | BARRYS BOOTCAMP UK LIMITED |
| Company number | 05538574 | 04204345 | 08827353 | 10256500 | 11120435 |
| Incorporated | 2005 | 2001 | 2013 | 2016 | 2017 |
| Accounts filed | 12 September 2025 | 3 June 2026 | 25 August 2026 | 18 July 2025 | 23 December 2025 |
| Turnover, prior year | £69m | £26m | £27m | £19m | £14m |
| Pre-tax profit, prior year | £7m | £14m | -£0.4m | -£8m | £1.3m |
| Staff costs | £37m | £5m | £7m | £10m | £7m |
| Payroll share of turnover | 36.9% | 20.6% | 26.0% | 47.4% | 41.8% |
| Employees, prior year | 763 | 203 | 334 | 180 | 183 |
| Dividends paid | n/d | n/d | n/d | n/d | n/d |
| Charges outstanding | 1 | 2 | 2 | 5 | 1 |
A figure the filing does not disclose is shown as n/d; a zero in a filing is treated as not disclosed. Rounding: below £0.1m in thousands, £0.1m to £2m to one decimal place, above that to the nearest million.
London's premium gyms: common questions
Who is the biggest of Third Space, Gymbox, 1Rebel, Equinox or Barry's?
Third Space, with turnover of £99m in the year to December 2024.
Which makes the most profit?
Third Space: £11m pre-tax in the year to December 2024.
Which employs the most people?
Third Space, with 887 employees in its latest accounts.
Third Space or Gymbox: which is bigger?
Third Space, with turnover of £99m against £26m at Gymbox on their latest filings. On margin, Gymbox keeps more of each £100 as pre-tax profit.
Third Space or 1Rebel: which is bigger?
Third Space, with turnover of £99m against £28m at 1Rebel on their latest filings. On margin, Third Space keeps more of each £100 as pre-tax profit.
Third Space or Equinox: which is bigger?
Third Space, with turnover of £99m against £21m at Equinox on their latest filings. On margin, Third Space keeps more of each £100 as pre-tax profit.
Third Space or Barry's: which is bigger?
Third Space, with turnover of £99m against £16m at Barry's on their latest filings. On margin, Barry's keeps more of each £100 as pre-tax profit.
Gymbox or 1Rebel: which is bigger?
1Rebel, with turnover of £28m against £26m at Gymbox on their latest filings. On margin, Gymbox keeps more of each £100 as pre-tax profit.
Gymbox or Equinox: which is bigger?
Gymbox, with turnover of £26m against £21m at Equinox on their latest filings. On margin, Gymbox keeps more of each £100 as pre-tax profit.
Gymbox or Barry's: which is bigger?
Gymbox, with turnover of £26m against £16m at Barry's on their latest filings. On margin, Gymbox keeps more of each £100 as pre-tax profit.
1Rebel or Equinox: which is bigger?
1Rebel, with turnover of £28m against £21m at Equinox on their latest filings. On margin, 1Rebel keeps more of each £100 as pre-tax profit.
1Rebel or Barry's: which is bigger?
1Rebel, with turnover of £28m against £16m at Barry's on their latest filings. On margin, Barry's keeps more of each £100 as pre-tax profit.
Equinox or Barry's: which is bigger?
Equinox, with turnover of £21m against £16m at Barry's on their latest filings. On margin, Barry's keeps more of each £100 as pre-tax profit.
Where do these figures come from?
Each company's latest accounts filed at Companies House. Each links to its full Spark Intel profile, which names the filing it comes from.
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