Gymshark founder Ben Francis is in talks to buy back part of the stake sold to private equity firm General Atlantic, with the aim of tightening his control over the sportswear brand.

Francis is reportedly negotiating with the US investor over the size and valuation of a potential deal, and has also held talks with banks about financing.

General Atlantic invested £200m in Gymshark in 2020 in exchange for a 21 per cent stake, valuing the Solihull-based retailer at more than £1bn and cementing its status as one of the UK’s best-known retail unicorns.

The deal also saw Francis increase his own stake to more than 70 per cent, while General Atlantic took a seat on Gymshark’s board.

According to the FT, Francis is expected to buy back only part of the investor’s stake rather than the full holding, although talks remain ongoing. Gymshark and General Atlantic declined to comment to the newspaper.

The move comes after a more challenging period for Gymshark, which has been hit by slowing growth, rising costs and tougher competition across the activewear market.

The brand reported revenue growth of 6.5 per cent to £647m in the year to July 2025, but pre-tax profits fell from £11.8m to £6.9m.

Gymshark has been investing heavily to build a broader omnichannel business, including the opening of physical stores such as its Regent Street flagship in London.

However, that investment has weighed on profitability, while the retailer has also been forced to reset parts of its operating model.

Last year, Gymshark placed 296 roles at risk as part of a business-wide restructure, blaming “intense macroeconomic volatility” and the need to make the business fit for future growth.

The retailer said at the time that it also planned to create 168 new roles.

Francis, who founded Gymshark in his parents’ garage in 2012, has previously been linked with a potential stock market float for the business.

However, a stake buyback would underline his intention to keep a firm grip on the company as Gymshark works to prove it can move beyond its direct-to-consumer roots and build a more profitable global retail model.

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