Bathgate Business Finance has provided an Altrincham ‘float spa’ with a buoyant start to its business following a £220k investment injection.
Zero Gravity Float Spa opened its doors just three months ago and is already breaking even on a weekly basis, with bookings to ‘float’ at the spa increasing exponentially.
We secured £100k in asset finance for the purchase of four state-of-the-art floatation tanks for the business. We then introduced Zero Gravity to MSIF, who arranged four working capital loans worth a total of £120k to fund the highly specialised build of the spa.
The four-tank facility is the largest in the UK outside of London and one of only two spas of its kind in the North West. Float therapy is a method of deep relaxation achieved by lying in in darkness in a private flotation tank, suspended in a warm solution of Epsom salt and water.
The reduction in sensory input has been proven to provide a feeling of calmness and reduction of stress, anxiety and the symptoms of other mental health concerns, as well as reducing physical pain and tension.
The spa was the brainchild of co-director and Chief Operations Officer, Simon Preedy, a former massage therapist who turned to float therapy to help manage his own anxiety and sleeping problems.
He ‘floated’ the idea for the business with co-director Graeme Poston, a retired surgeon and former client, after recommending he try floating to reduce neck pain.
“I wasn’t initially convinced as I had never heard of float spas before, but once I tried it I was a convert.” said Graeme. “I discovered there were so few float tanks outside London that I could see a real opportunity in helping Simon to bring a high-quality, multi tank spa to the North West.”
Spotting the gap in the market, Graeme invested £60k in the business and joined forces with Simon and Simon’s childhood friend Chris Henson, now Technical Director at Zero Gravity.
The team was introduced to Bathgate by its legal firm, Weightmans, at the start of the year.
Simon said: “The initial financial outlay for the spa was significant, with the cost of the four tanks and the specialist build to ensure each therapy room was completely soundproof and of the highest standard.
“However, working with Gordon and the team at Bathgate and gaining access to its exceptional network made the process of securing the funding we needed incredibly fast and straightforward. We went from business plan to doors open in just seven months.
“Thanks to Bathgate and MSIF the business is off to a flying start. We are already recruiting new team members to cope with customer demand and exploring opportunities to expand either in our current location or by opening other sites in the North West.”
Gordon Andrews, from Bathgate Business Finance, added: “We’d like to congratulate Simon and the team at Zero Gravity on a fantastic first few months. It’s been a real pleasure to help get this innovative new business off the ground and we are looking forward to watching it go from strength to strength.”