Harvey, thanks for taking the time to chat with me. Appreciate you're pretty busy.
Well, it was the opening night at the VIP party for the city and everybody at our latest location in Westfield Stratford last night, so it's been a bit of a long evening and a late night.
So that's your very latest one? In Stratford?
Yes, the latest Gravity MAX concept. Our new Urban Theme Park concept includes 11 immersive attractions 2 multi-level E-karts tracks, Coca-Cola Street Golf, The latest VR and arcade games, a Heineken Sports bar, food, corporate event space & The Voice Karaoke.
Great. It sounds like you are busy. Let's dig a little deeper into how you initially got into it from your previous career. I know from your LinkedIn profile that you were involved with super yachts. What were you doing there?
I was a captain. I left the UK at 19 or 20, did some training, and then worked on yacht deliveries. I met my wife, who trained as a chef, and we decided to work together as a captain and chef team in the Caribbean for about 10 years. It's an intense industry, and we wanted to go home, start a family, and do something else. We had met many successful people and had avenues for advice. Over the last part, I met Simon, one of our co-founders, who was ex-KPMG. He was retired and living in Cayman. I used him as a soundboard for advice on setting up a business because I had never done anything like this before.
How did you decide on the trampoline park idea?
Initially, we thought about self-storage, but we felt we missed the boat on that. My wife saw a Sky Zone franchise on a TV show, and it intrigued us. There were no trampoline parks in the UK at that time, so we saw an opportunity. We didn't know much about leisure, but we decided to research and plan. I spoke to my best friend and co-founder, Michael, who had experience in leisure, and Simon provided business advice. Together, we decided to pursue the trampoline park idea.
So, you bootstrapped the business to get it off the ground?
Yes,100%; we put our money in and got some friends from the Caribbean to invest. They were willing to take a chance on our idea. Some of them still work in the business today and have played key roles. Initially, Simon made his facility available, and we were on the edge, but we knew we needed a bit more of a buffer. I reached out to friends in the Caribbean who had some cash lying around. They invested in just an idea at the time, but they took a chance. Six of them are still investors today, and two of them work in the business, bringing their skills and know-how.
Did you consider other funding routes like bank loans or crowdfunding?
Given the economic situation in 2008, banks weren't friendly towards new products. People didn't understand what we were trying to do. We decided to tap into our network for funding. Today, it's easier to raise money, but starting out was difficult. The biggest barrier for new entrepreneurs is getting that seed investment. We were lucky to have cash from our yacht work and decided to invest it in this business instead of buying a house.
After getting your first premises, how did you grow from there?
Michael found our first property in Leeds. We faced setbacks but eventually opened our first site. It was successful, and landlords began offering us more properties. We self-funded the next few sites, leveraging the success of the first one. We focused on finding the right properties and continuously evolving our offerings. For example, we were one of the first trampoline parks in the UK, which helped create awareness. Our growth has always been through choosing the right property location and maintaining strong relationships with landlords.
What were some of the challenges in terms of leadership and growth?
The biggest challenge was recognizing when loyal staff members had reached their peak. We had to make tough decisions to bring in external expertise while maintaining our culture. It's difficult but necessary for growth. We've always surrounded ourselves with people who believe in us and the product. Another challenge was understanding the safety standards and ensuring our product was safe and enjoyable. We worked on establishing safety standards and now collaborate on international standards.
Can you talk about your product offerings and the focus on families and kids?
Initially, we thought our product would be more fitness-focused, but it evolved to be more fun-oriented. We created an environment that encourages activity without people realizing they're exercising. We worked hard to get our product into schools despite initial challenges. Our focus has always been on safety and providing fun activities for all ages. We also do SEN (Special Educational Needs) sessions, toddler groups, and fitness classes. The MAX concept evolved from this, incorporating activities like golf, darts, and bowling to appeal to a broader audience.
What about the environmental impact of your business?
We're fortunate that we don't sell a physical product, so we naturally have less waste. We've always tried to source materials locally and work with landlords who prioritize sustainability. We haven't fully developed our ESG strategy yet, but we naturally tick a lot of the boxes. For example, in our Stratford location, everything from fit-out materials to heating and cooling systems is designed for sustainability.
What does an average day look like for you?
I start my day with my family and then head to the office or go on-site visits. My role now involves legal, finance, and property matters. I try to balance work with family time, spending weekends with my wife and son and enjoying the outdoors. I work from home a bit to avoid traffic and then spend the early part of the week in the office and the rest on-site or in meetings.
What's the medium to long-term plan for the business?
We're planning a transaction next. We've proven our concept with a few sites and are now focusing on operational excellence. We're considering an IPO or private equity, depending on market conditions. We have plans for further expansion in the UK and internationally, including the US. We're also looking to grow our franchise model, with partners in Saudi Arabia and Mexico already in place.
