Gymshark founder Ben Francis sees huge fortune fall in Sunday Times Rich List 2024 - see how much by

Ben Francis, founder of Gymshark Ben Francis, founder of Gymshark
Ben Francis, founder of Gymshark | BirminghamWorld
Ben Francis, the founder of Solihull-based Gymshark, has seen a decline in his wealth over the last 12 months - but he remains the most wealthiest person under 40 in the Midlands

In 2012, Birmingham-born Ben Francis, 31, co-founded the fitness and lifestyle brand Gymshark with his school friend Lewis Morgan after droping out of Aston University in Birmingham.

The Solihull-based gymwear brand has gone from strength to strength ever since, and has been valued £1.5bn in recent years, with Ben amassing a fortune of £900 million.

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The brand has been worn by some of the most famous US celebrities in recent years, incluidng Vanessa Hudgens, boxer Ryan Garcia, Kendall Jenner and Nicole Scherzinger.

Ben and his family’s wealth was estimated to be at around £900 million in 2022 and 2023. But he has seen his fortune drop by £175 million in the last year and now stands at £725 million, according to the Sunday Times Rich List 2024.

According to The Times, sales are still soaring for the Solihull-based company, although profits are not increasing as fast as they have in recent years. Profits before tax for the year have fallen for the second year in a row, according to the report, halving to more than £13.1 million.

Ben remains one of the richest people in the Midlands with a net worth of £725 million, making him the wealthiest person in the Midlands aged under 40. He is also ranked as the 230th richest person in the UK as of 2024.

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His former Gymshark business partner Lewis Morgan, who sold his share of the company, also features on the Sunday Times 40 under 40 list, with wealth of £150m.

Francis founded Gymshark and holds a stake now worth £900m after lower profits for the Solihull based-athleisure brand. He has lost his billionaire status with his wealth decreasing by £150m.Francis founded Gymshark and holds a stake now worth £900m after lower profits for the Solihull based-athleisure brand. He has lost his billionaire status with his wealth decreasing by £150m.
Francis founded Gymshark and holds a stake now worth £900m after lower profits for the Solihull based-athleisure brand. He has lost his billionaire status with his wealth decreasing by £150m. | BirminghamWorld

Richest people in the Midlands see their net worth fall

The Times’ list also reveals the largest fall in billionaires in the guide's history - from a peak of 177 in 2022 to 165 this year

Ben isn’t the only person from the Midlands to see his fortune fall over the last year. Denise Coates, the founder of Bet365, remains the richest woman in the UK. Her family have a net worth of £7.467bn in 2024, a decrease £1.328b in 2021.

Mike Ashley saw his fortune by £41 million to £3.799bn. Construction John Bloor, the owner of Triumph Construction, also saw his wealth dip by £92m with his wealth now at £3.799bn.

John Caudwell, the founder of Phones4U, also saw his wealth decline by £31m to £1.537bn.

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