TRENCHES BOXING
Real Movement. Real Culture. Real Progression.
Skip the narrative if you want — the spine of this suite is three live calculators wired together. The Returns Simulator will tell you what £300k turns into under any scenario you build.
The unit economics are solid but unspectacular at one site. The interesting question — the one that makes this either a £1.2M valuation or a £30M one — is what 5 sites looks like.
Before any growth narrative: the business is profitable today, the founders have personal capital deployed, and you'd be funding levers that compound on existing revenue, not betting on an unproven model.
What you'd be funding: five things that are sitting unbuilt because there's no marketing budget and no second pair of hands. Heated room, shake bar, content, courses, apparel. Each one stands alone. Together they compound.
This is a working financial model dressed as a deck. Every number recomputes when you drag a slider. The Returns Simulator, Unit Economics Engine, and Heated Room ROI calculators are wired to each other — change the member count, watch your MOIC move. Numbers reflect the actual business. Assumptions are exposed and editable.
What does £300k turn into?
Drag the sliders. The math is exposed. Switch scenarios, change the exit multiple, change the dividend rate. The output reflects everything.
Annual dividend rows show what you'd actually receive each year — capital recovery doesn't depend on an exit happening.
These projections don't price in the multi-site thesis. If Trenches becomes a 5-site brand, exit multiples shift from 5–8× to 12–18× (boutique fitness chain comps).
The simulator lets you stress-test: what if the heated room flops? What if growth is half what we project? Drag and see.
| Driver | Source | Y3 value |
|---|---|---|
| Total revenue | UE + HR + Shake bar | £958k |
| EBITDA | ~70% margin | £671k |
| Investor share | Stake × distribution |
- Conservative: Base case, 4× exit, 75% distribution → tests downside
- Realistic: Base case, 5× exit, 85% distribution → matches the deck baseline
- Stretch: Growth case, 8× exit, 90% distribution → tests upside
The boxing business, drilled down to the member.
Members × monthly fee × retention is the only equation that matters. Everything else either accelerates this or hurts it. Drag the assumptions. Watch revenue follow.
This is the most unusual unit economics signal in the whole pitch. Drag CAC up to a realistic post-funding number — even at £80, the business still prints money on every member.
Three numbers determine the entire boxing P&L. Test the worst plausible: what happens if churn doubles to 12%?
At £150 ARPU and 5% churn, one site supports ~440 members at steady state. Five sites = 2,200. That's the IP play.
The bars below show what 12 months / 24 months / 36 months of growth looks like at the rates you set.
Average returning member LTV
2.3× higher — the engaged tier
3× returning — the brand evangelists
£60k of build-out. £437k of Y3 revenue. Let's stress-test it.
The downstairs studio is dead space today. Heated yoga/pilates is the highest-margin boutique fitness format in London. Change every assumption. The payback period updates instantly.
Drag utilization down to 40%. The number still works.
This isn't a new lease, a new build, or a new market. It's converting dead square footage at the same address into the highest-margin format in boutique fitness.
A successful heated room at SW18 is the unit economics case for replicating the format at every Trenches site, and potentially as a standalone heated-only brand.
The room exists. We just need to fit it out. After that, every class with a paying body in it is mostly profit.
Cross-sell into Boxing & PT (~30% of heated room members) is upside not modeled here.
35% YoY. Zero marketing.
Zero promotions.
Capital deployed by Karim before this round.
Sessions in last 60 days.
Subscribers — never marketed to.
Two great industries.
One gap between them.
- Real boxing skill taught progressively — beginners start from zero and actually learn.
- Premium environment, friendly coaches — no intimidation.
- No-contact options, fitness-first pathways.
- People stay because they're progressing, not just sweating.
- Great marketing, welcoming spaces — but no real skill taught.
- Members get bored and chase the next trend.
- Real coaching, good retention — but intimidating, no customer approach.
- No communication that boxing can be a fitness tool, not just a fighting sport.
Authentic boxing.
Premium environment.
Zero intimidation.
A £1.38B market shifting
toward premium boutique fitness.
Shifting from traditional combat to high-energy, community-focused cardio. Attracts a premium-spending demographic hungry for real skill development.
Critical undersupply across London. NYC and LA are saturated. The highest-margin boutique fitness opportunity in the city.
Millennial demand for skill-based, measurable progress. Retention built on results and genuine community — not atmosphere.
The market is underserved.
- Members migrate to us from 12 Rounds, MMADen, JAB, BXR — and stay.
- None deliver the combination Trenches offers: elite coaching, premium facilities, environment where anyone belongs.
- Only option in the corridor.
- Nearest options (GoodGood, Yogahaven, Hot Yoga South) in Clapham/Balham — meaningful journey.
- We have the space, zero additional rent, no competitor in our area.
- London massively underserved. NYC and LA saturated.
Commercial discipline. Elite pedigree.
Proven execution.
- 5 years VC — now applied to building this
- Founded a leading Thai Boxing club in Lebanon
- 20 years boxing experience across global gyms
- PT to elite fighters incl. 2 GB Squad members
- Head of the Trenches Academy
- Ensures the product scales without losing its soul
- Olympic Gold Medalist & 2× IBF World Champion
- 115k+ following — active distribution channel
- A certified growth asset
35% growth. Zero levers pulled.
Everything below has never been activated — yet the business still grew 35% YoY:
- No professional content or social media strategy
- No workshops — despite GB Squad access and a World Champion partner
- No community events, fight nights, or open days
- No shake bar — post-class moment generates zero revenue
- No promotions or email marketing — no Black Friday, no referral scheme
- Downstairs studio generating zero revenue to date
- No beginner course or structured entry product
- 509 lapsed members — zero win-back process ever attempted
Five levers. Zero infrastructure debt.
Dead studio space → highest-margin product in the building. £0 additional rent.
600+ visits in 60 days — captive audience, zero rent expansion, daily ARPU lift.
GB Squad + DeGale access. PT pad workshops. Beginner course. Zero new infrastructure.
5★ product, almost no digital presence. Marketing & Content Lead is the unlock.
Drops 1 & 2 production-ready. Italy/Portugal manufacturing. DeGale ecosystem distribution.
509 dormant members. Zero win-back ever attempted. Pure free upside.
One roof. One community.
Seven revenue streams.
This is not a gym with side projects. This is a platform.
| Revenue stream | Status | Key driver |
|---|---|---|
| Boxing Classes & PT | ✓ Active | 35% YoY growth — 75% intro completion |
| Heated Room | ⇄ Build-out ready | £349k–£437k/year at 60–75% utilization |
| Shake Bar | ⇄ Space ready | Existing footprint — zero additional rent |
| Workshops (Elite + PT) | ⇄ Never activated | GB Squad + DeGale access already exists |
| Beginner Course / Academy | ⇄ To launch | No extra costs |
| Apparel — Drops 1 & 2 | ⇄ Ready to produce | Seeded via our network |
| Community Events | ⇄ Never activated | Immediate upside, minimal cost |
One investment. Many doors.
This raise proves the model. If it performs — and we believe it will — the doors it opens are significant.
If the room performs, it becomes a format. A format becomes a network. SW18 is the proof of concept.
London has no premium skill-based boxing gym group. Every borough has the same gap we're filling in Wandsworth.
If the drops land, the clothing becomes its own exit story, fully independent of the physical business.
We developed our own coaching methodology — a system for teaching boxing that is trainable, repeatable, and deliverable by a specific profile of coach we know how to find and train. The IP is in the method, not the individual.
Between boxing and the heated room, members never need another gym. We cover every dimension of fitness under one roof: high intensity, low impact, skill-based, and recovery.
From founder-led →
scalable operation.
KEY HIRES — PHASED
| Role | Start | Purpose |
|---|---|---|
| Sales-Led GM | Month 2 | 150 outreach/mo — 120+ new customers Y1 |
| Marketing & Content Lead | Month 3 | Social, content, campaigns, events |
| Content Creator | Month 3 | Reels, shoots, production |
| Front of House ×2 | Month 4 | Full coverage, member experience |
12-MONTH MILESTONES
| M3–4 | Heated room open and generating revenue |
| M4 | Full team in place and performing |
| M4 | First workshops & community events |
| M5 | Shake bar operational |
| M8 | Apparel Drops 1 & 2 launched |
| M8 | Beginner course live |
£300k. 25%. Use of funds detailed.
| Allocation | % | Amount |
|---|---|---|
| Key Hires (GM, Marketing, Content, FOH ×2) | 29% | £87,000 |
| Working Capital & Strategic Reserves | 33% | £99,000 |
| Heated Room build-out & equipment | 20% | £60,000 |
| Apparel — Drops 1 & 2 | 8% | £25,000 |
| Shake Bar + Equipment | 4% | £11,000 |
| Content & Brand Shoot | 3% | £10,000 |
| Brand & PR | 3% | £8,000 |
<3× Y1 revenue. Industry trades at 5–8×.
£60k in. £437k/yr at Y3. Zero additional rent.
Post-revenue. Founders £200k+ in. This raise accelerates.
Let's talk.
Real Movement. Real Culture. Real Progression.