Confidential — Investor Brief

Premium Boutique Fitness

MAD Lagree
Marbella

Benahavís · Costa del Sol · Opening 2026

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€285k Year 1 Revenue
€86k Year 1 EBITDA
45–50% Break-even Utilisation
6.4× LTV : CAC Ratio
€2.8M Enterprise Value (10×)

No MAD-level Lagree studio
in the immediate catchment

  • No direct competition in the catchment

    No EVO Pro or MAD-level Lagree operates in the immediate area. Existing Lagree studios are located in Marbella and Nagüeles — 26–40 minutes away during normal working hours. These function as destination studios. Reformer studios are indirect competitors only. MAD Lagree Marbella is a local routine, not a destination.

  • High-income residential cluster — 15–20 min drive radius

    The catchment extends well beyond Benahavís town to La Quinta, Los Arqueros, El Madroñal, La Zagaleta, La Heredia, Las Colinas, Monte Halcones, Atalaya, El Paraíso, Cancelada — plus inflow from Nueva Andalucía and San Pedro. A concentration of high-income residents, expats, and second-home owners who are time-sensitive and wellness-focused. Stronger demand in spring and summer; softer winter periods are modelled.

  • MAD London franchise — proven brand, continuous training

    The brand is anchored in MAD London's track record — multiple successful studios, strong customer reviews, and a recognised name in premium Lagree. Weekly instructor training sessions and a design-led environment ensure class consistency. Franchise negotiations active — 23-point position submitted April 2026. All-external instructors at €27/hour; founder managing operations.

  • Pre-launch demand validation & proprietary tech platform

    Target of 50–80 founding members pre-opening, converting existing networks (real estate, golf, school, landlord) into actual sign-ups linked to ~25–35% initial utilisation. Booking, membership, AI retention, and analytics built independently of franchise software — full data ownership from day one. Direct access, easy parking, and high visibility at The Deck, Benahavís.

Capital raise €320,000
Use of funds Machines · Fit-out (€90k–110k) · Working capital
Fit-out €90k–110k conservative; intent to optimise
Machines 8–9 EVO Pro (final layout dependent); 8–12 wk lead time
Royalty structure 5% · 6% · 8% (Y1 / Y2 / Y3+)
Rent structure 3 months rent-free → €1k → €2k → €3k → €4k
Launch schedule 34–35 classes/week · late morning & evening focus
Break-even ~45–50% utilisation · 90–120 active members
Pricing €35 drop-in · intro offer · memberships €260–300+
Year 1 Revenue €285k (gradual ramp from ~28% to 60% utilisation)
5-yr Enterprise Value ~€2.8M
MOIC (enterprise basis) 8.8×
IRR (approx.) ~54%
Franchise status Under negotiation · 23-point position submitted Apr 2026
Machine financing Full capex assumed · Santander financing as potential upside
Equity structure Open — to be agreed with investor
Location The Deck, Benahavís · Lease agreed · Easy parking
Opening target Q3 2026 · 1–2 month delay scenario modelled

Full documentation
ready for review

The investment memo covers market context, the operating model, unit economics, use of funds, investor returns, and franchise position in full detail. The financial model is a bottom-up, 12-tab Excel workbook with monthly P&L, scenario analysis, and a 5-year projection.

April 2026 · v4 · Strictly Confidential