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Graphite Capital backs The Third Space expansion move

The Third Space, a London health and fitness club backed by Graphite Capital, will open its second site at the Marylebone Hotel in the heart of London’s West End. 

The GBP2m development is scheduled to open in spring 2011 and will be funded by Graphite Capital, a mid-market private equity specialist.

The new club will offer members fitness facilities, personal training and advice and a swimming pool. 

In addition, The Third Space will operate a full service spa at the new location.

Set within the newly refurbished Marylebone Hotel in the heart of the Marylebone village, the new club will serve hotel guests, local residents and businesses.

The new site marks the beginning of the roll-out of The Third Space clubs across London.

“There is significant demand for innovative, premium health club facilities in a number of London’s affluent areas where the market is under-served,” says The Third Space chief executive Eric Dunmore. “We are delighted to have this opportunity to work with the Doyle Hotel Group, owners of The Marylebone Hotel, to create such a fantastic facility in Marylebone.”

Graphite investment director Mark Hall adds: “We have been pleased with the progress made by The Third Space to date and believe that Marylebone is the ideal location for its next opening. We are delighted to be supporting Eric and his team as they extend The Third Space concept to a new area of London.”

Graphite acquired a majority stake in The Third Space in August 2007 when it backed the GBP22m management buy-out of the business.

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