Gymshark chief executive and founder Ben Francis is in negotiations to buy back a portion of the stake he sold to private equity company General Atlantic, the Financial Times (FT) reported, citing sources.

People familiar with the matter told the publication that Francis is discussing both a potential valuation and the size of any repurchase with the US buyout group.

The same people said he has also been speaking to banks about financing for the deal.

General Atlantic invested £200m (now $266.7m) in Gymshark in 2020 in exchange for a 21% stake. The private equity company also has a representative on Gymshark’s board.

The investment valued Gymshark at £1bn, with Francis keeping majority control.

While Francis has considered buying out General Atlantic’s entire holding, the sources told the FT that he is more likely to repurchase only part of it.

The report said that would raise his ownership above the approximately 70% stake he currently holds.

Gymshark built its early audience by working with athletes and social media influencers and selling to young gym-goers.

It has also protected profit margins by selling directly to consumers rather than through third-party retailers.

The FT report said growth has slowed in recent years amid stronger competition and tighter consumer spending.

Last year, Gymshark restructured operations to “weather near-term storms” and improve its ability to serve customers in continental Europe. The changes led to hundreds of job cuts.

Accounts filed at UK Companies House show revenue rose 6.5% to £647m in the year to July 2025. Pre-tax profit fell from £11.8m to £6.9m over the same period.

In its annual results, Gymshark said reducing discounting and focusing on improving its marketing helped lift sales growth, which it said has carried into the current year.

The FT sources added that Gymshark has previously considered an initial public offering.