£1.5million investment fund backing for Northern Ireland Pilates firm which is used by top hotels and A-list stars
Launched by husband-and-wife team, Neal and Yvette McGaffin, Newry’s Reform RX has cemented deals with some of the world’s most luxurious hotels and counts Hollywood A-listers among its fans
A Newry-founded reformer Pilates company, which has cemented deals with some of the world’s most luxurious hotels and counts Hollywood A-listers among its fans, has secured a £1million equity deal from the Investment Fund for Northern Ireland.
The investment into Reform RX, which was led by Clarendon Fund Managers, totals £1.5m with a number of existing and new Angel investors from the Clarendon Private Investor Network (CPIN) also joining the round.
It will enable the company to invest in its team and target new markets.
Launched by husband-and-wife team, Neal and Yvette McGaffin, Reform RX allows users to take part in streamed on-demand classes, connect to wearables and receive meaningful metrics from their work-out.
Yvette said: "We have owned and operated pilates studios in Belfast and Edinburgh for almost a decade now, but instead of continuing with that model we took some time to step back and evaluate the industry.
"We decided we would create our own reformer and, alongside our brilliant design team, we really immersed ourselves in the design and innovation of our concept which takes some inspiration from Formula One racing cars."
She added: "We have deals in place with Mandarin Oriental Hotels, The Ned in London and Casa Cipriani in New York as more luxury hotels expand their gym offering in line with guest needs. Our reformers have also been bought by a number of Hollywood stars but unfortunately we can’t reveals those names."
Clarendon Fund Managers investment manager Claudine Owens said she has watched Reform RX’s journey and believes there is much more to come from this innovative company.
"The £1m deal with the Investment Fund for Northern Ireland will serve as a stepping stone for Reform RX to take them to the next level in their growth journey.
"With Neal and Yvette at the helm, Reform RX is an ambitious company, and we share their vision for the future."
British Business Bank director, nations and regions Investment Funds, Mark Sterritt, added: "Reform RX have taken their extensive experience in the Pilates industry and applied it to developing something which has the power to transform the whole industry.
"This is an exciting young company with people at the head of it who are passionate about what they do. Developing a connected reformer is a world first and the sales in the US alone demonstrate just how popular it is."