Challenge:
Following a substantial investment from KSL Capital Partners – an award-winning secondary buyout from Encore Capital – luxury fitness group Third Space were preparing to enter their next phase of growth. Encore remain a minority shareholder, while the injection of capital from specialist leisure investor KSL helped prepare the business to accelerate growth – and they needed finance leadership to guide this.
Action:
Third Space came to us to deliver a search for a high-calibre CFO, who would join their senior leadership team. The business needed an experienced leader able to act as a strategic business partner to CEO and experienced PE operator Colin Waggett, to work directly with the investors and to be a catalyst for positive performance via financial leadership.
Our team ran a slick process to identify a longlist of candidates with suitable backgrounds and experience. We also ran a targeted marketing campaign to generate interest in the role and identify candidates outside our network. Following review from Third Space, a shortlist of six candidates were interviewed. The successful candidate had extensive experience in both FTSE100 and private equity-backed businesses. She had previously built a global finance function from scratch and was experienced in M&A and fundraising activity.
Impact:
The new Chief Financial Officer joined the business in summer 2023. Within the first six months, she had reorganised the finance function, equipping the business with the finance capabilities to grow. Third Space opened two new clubs in London last year and is opening another four throughout 2024.
