The opportunity
Finatal are proud to be partnering with Third Space to help find a high-calibre CFO who can be part of the leadership team to drive the business onto the next level of growth. We are seeking a highly commercial and strategic CFO to join this market leading high-end leisure services operator. The CFO will contribute on a broader commercial basis to the development of the business model and operational framework to ensure that the business has a sound platform from which to drive its growth plans.
This is a board-level position responsible for delivering financial insight to the board and investors. The successful candidate will be a financial and commercial partner to CEO in driving the business through a period of transformational growth, maintaining a system of strong financial rigour and controls, whilst empowering the operators within the business to deliver a world class customer
experience, and exceptional financial performance. We are looking for a CFO who can ensure a high performing, forward-facing finance function, and partner with the CEO on key strategic decisions, including investment appraisals, efficient financing as well as managing the key stakeholders in the business.
The role
Third Space are London’s luxury health clubs; individual in style, bound by a common philosophy: to provide outstanding fitness spaces that members feel are their own. Third Space currently operates a portfolio of eight clubs, having doubled in the last 5 years, and is on a clear path to double in size again over the next three years with a pipeline of largely secured prestigious new locations across London. The company plans to continue to develop its brand outside of the traditional club environment, both digitally and "in new settings". The business occupies a unique position in the premium health club market, operating with customer satisfaction and financial metrics that exceed all industry benchmarks.
Previously, Third Space were backed by Encore Capital (since 2010) and have recently received a substantial investment from KSL Capital Partners (2021). KSL are one of the most active investors in the global wellness and leisure sector, with a roster of premium brands passing through its portfolio, from Espa to several Aman resorts and from Whistler Blackcomb to the Salamander Resort and Spa.
There is an exceptional leadership team in place, headed by Colin Waggett as CEO; Colin was the ex-CEO of Fitness First and cofounder of Psycle.
The requirements
- Suitable financial qualifications (ACA or similar)
- Proven CFO or Finance Director, with experience working in a high-growth business
- Experience of working in a multi-site business / brand consumer-facing environment
- Experience of managing a growth company
- Strong team player, able to manage other areas of the business as required in an entrepreneurial environment
- Experience of leading a change agenda, particularly in the development of finance infrastructure to support better decision
- making and rapid growth
- Experience of managing the legal & IT infrastructure of the business
- Experience of managing external stakeholders – banks, lawyers etc
- Experience of working in private equity backed business
- Previous M&A experience would be desirable
Consultants
Paul Blant
Managing Director
With over 18 years’ of private equity recruitment, Paul has a large network of CFOs from whom he gets respect and huge loyalty. He will not give up a search until he gets the right result for them. Paul oversees all consultants in addition to driving our strategy for PE clients.
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