In July 2007 Graphite backed the £22 million management buy-out of The Third Space, one of London’s premier health and fitness clubs.

The Third Space is a highly regarded operator in the premium segment of the fitness sector with a uniquely integrated approach to health and fitness. Its main site, opened in June 2001, is located in the Soho area of London and comprises a state-of-the-art gym, medical centre and associated retail operations. This site has around 4,000 members with market-leading retention rates.

Under Graphite’s ownership the Soho site has continued to grow strongly, developing its service offering and attracting new members while retaining existing ones.

In April 2011 the company opened its second site at an up-market hotel in the Marylebone area of London funded with further investment from Graphite.

From 2012 the Soho site is expected to benefit further from a significant redevelopment within the surrounding area (the Quadrant Development), where premium office, retail and hotel facilities are being created.