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London Franchise Project
Orangetheory Fitness Overview
2012 2013 2014 2015 2016 2017
26 61
157
338
620
900(est)
Orangetheory Fitness, which launched its first studio
in Fort Lauderdale, Florida, US, in March 2010, is
currently the fastest growing fitness brand in the world
Orangetheory Fitness CLUB’s QT
2014 2015 2016
$47,5$87,5
$451,0
Orangetheory Fitness took #1 spot the annual 2016
ranking of the fastest growing women-owned or led
businesses conducted by the Women Presidents’
Organization (WPO) and American Express
Revenue Growth
UK Fitness Market UK Fitness sector has showed spectacular
dynamic over last 8 years
UK Fitness Market UK Fitness sector has showed spectacular
dynamic over last 8 years
➢ There are now 6,728 fitness facilities in the UK, up from 6,435 last year.
➢ Total industry membership is up 5.1% to 9.7 million.
➢ Total market value is estimated at £4.7 billion, up 6.3% on 2016.
➢ The UK penetration rate is 14.9%, compared to 14.3% in the previous year.
➢ 272 new public and private fitness facilities have opened in the last 12 months, up from 224 in 2016.
Key Facts:
UK Fitness Market
Low-cost segment is winning
It is European trend
UK Fitness Market
However:• Boutique fitness studios are gaining momentum too
• There has been a 37% increase in the number of boutique fitness studios in UK during 2012-2015
• And this trend also has continued in the last two years
• It is being driven to a large degree by entrepreneurial millennials and targets, mainly millennials
• 1Rebel, Core Collective, Frame, Skinny Bitch Collective, Another Space, Bootcamp Pilates, Triyoga and Psycle are the
most notable in a recent wave of boutique fitness brands
• There is still room for many players to join in since we see a generational shift towards healthy living lifestyle
UK Fitness Market Currently the
number of fitness
members in London
is over 1.6 million
Number of fitness
facilities is around
800
Number of fitness
members in London
exceeded 1.5 million
for the first time in
2015
The gym market is booming in the city,
driven by:- rapid growth at the low cost end of the market ,
- popularity of studio concepts with flexible
memberships
- new operators with ambitious expansion plans
785London
gyms
20%Penetration
rate
£1.14bn
Estimated total
market value
UK Fitness Market
• Smart Fitness/ High intensity interval training (HIIT)Promoted by Orangetheory Fitness and DNA Fit tests
• Water workouts
Promoted by AquAllure, Swim Sanity and Virgin Active
• Mindful exercise
Promoted by Virgin Active and some smaller brands
• Combination Classes
Promoted by HIIT Yoga, Heartcore’s Ride2Tone, Boxerina and Lululemon
• Cycling
It is represented ‘do a SoulCycle’ similar brands in London such as Psycle, 1 Rebel, KOBOX and others, where cycling is full or part of their offerings.
Targeted area economic profiling
Our targeted area consists of four boroughs
with the following characteristics:
London Borough of Richmond upon Thames
Royal Borough of Kingston upon Thames
London Borough of Merton
London Borough of Hillingdon
Hillingdon Kingston upon Thames
Merton Richmond upon Thames
Population (Estimation 2017) 301000 175400 208100 197300
Proportion of population of working-age, 2015
65.60% 67.20% 67.20% 64.50%
197456 117869 139843 127258
Gross Annual Pay, (2016) 33508 37979 33989 42076
Household median income, 2013
£37,040 £43,940 £41,960 £53,470
Number of active businesses, 2015
13505 8970 12070 14185
Targeted area economic profiling
Targeted area economic profiling
Number of households:
100,214 households in Hillingdon
71,430 households in Kingston
78,800 households in Merton
79,800 households in Richmond
There are more than 15,000 Qualified Households in all targeted boroughs. That is combined family
annual income is more than £60,000 or $75,000 in those households.
Targeted area fitness club’s landscape
We identified the following number of fitness & gym clubs in those boroughs:• Richmond upon Thames = 25 (from which 2 “branded” ones, including Pure Gym and one boutique studio Bootcamp
Pilates)
• Kingston upon Thames = 11 (no “branded” and boutique studios ones)
• London Borough of Merton = 24 ( 4 “Pure Gym” and boutique studios ones)
• London Borough of Hillingdon= 4 (no “branded” ones and boutique studios ones)
As we see:
Our targeted area median household income is ~15% higher from London average
It bodes well for future boutique fitness offering
Borough of Hillingdon is extremely undeserved in regards of gym’s number
Borough of Merton as well as of Richmond have the highest number of facilities , 24 and 25 consequently
However, we have currently one small branded boutique fitness studio in our targeted area
This fact represents untapped opportunity for such brand as Orangetheory to get in.
Targeted area fitness club’s landscape
UK London Hillingdon Kingstoneupon Thames
Merton Richmond upon Thames
Population 65648000 8787892 301000 175400 208100 197300
Working-age population (16-64 years old), %
63.30% 73.60% 65.60% 67.20% 67.20% 64.50%
Working-age population (16-64 years old)
41550000 6467888 197456 117869 139843 127258
Fitness Club’s membership 9700000 1600000(est.) 8152(est.) 22418(est.) 48912(est.) 50950(est.)
Fitness facilities working population membership
23.34% 24.74% 2.90% 13.44% 24.71% 28.29%
Number of fitness facilities 6728 785 4(est.) 11(est.) 24(est.) 25(est.)
Average members per club (est.) 1440 2038 2038 2038 2038 2038
Average Number of workers needed to support a gym
6175 6175 6175 6175 6175 6175
Kingston and Hillingdon Untapped Opportunity
The average number of workers needed to support a gym in UK is 6,175.
Knowing this figure, we can calculate maximum fitness club’s number for
each targeted borough.
After comparing with current fitness club’s number in each borough, we
can determine most promising ones to start.
As we can see, the biggest underserving areas in terms of gym’s
availability are Kingston upon Thames and especially Hillingdon.
In addition, Hillingdon and Kingston have two big universities:
• 25,000+ students and 3,000+ staff• ~13.000 students and 2.500 staff
It is very positive factor for possible Orangetheory Fitness Franchise since adds more to possible targeted customers
Kingston and Hillingdon Opportunity
Merton and
RichmondProspects
• Merton and Richmond areas are still very interestingdespite the fact the fact that these are4as are saturatedwith fitness clubs
• However, not by branded studios format ( 1 offering fortwo boroughs)
• Richmond has the highest household median income intargeted area
• Merton is home to the world-famous All England LawnTennis Club
• Where the Wimbledon Championships take place everyyear bringing an extra 500,000 people into the boroughfor the tennis extravaganza
Competitive Landscape
Fitness Market is divided in London
by following categories:
We are going to compete in lifestyle
studio category
• As a July-2017, “Pure Gym” has 180+ gym facilities (from which 35+ in London) and 822,000 members
• It is currently #1 operator on UK market with annual revenue of £159,937,000
• “Pure Gym” has on average 4.670 members per club, what is much higher than average number in the industry; such high membership is mainly due to low-cost format of the brand
• Each facility on average generated ~£908.000 (~$US1.2M) of revenue per year and on average, each chain member paid £195 per year
Main Indirect Competitor’s Profile - “Pure Gym”
Main Possible Direct Competitor’s Profile
Barry’s BootcampBarry’s Bootcamp has three locations in London with
following pricing:
They opened third place in West London and plan to
further expand there as part of their expansion strategy
due to imminent plans to develop this part of West
London into a premier retail and leisure destination.
• It has raised $6.97M from investors so far with the ambition to launch a “distinctive brand” the opposite of a “vanilla design with blue walls and wooden floors”
• Now they have 2 locations, plan to open 2 more per next 5 years. Their class packages pricing come in between £16 and £20 per class, depending on the number you buy.
1 Rebel
Main Possible Direct Competitor’s Profile
Core CollectiveCore Collective is a premium pay-as-you-go fitness studio in London. It has raised $2.7M from investors so far. They
boast to have 2,000+ bookings per week; with revenues continue to grow sharply, currently at £130k+ per month
Their current pricing:
Penetration Strategy
❖ USP of our Orangetheory offering will be
the message that it is the most dynamic
global fitness brand now which offers
affordable prices
❖ Besides, active and creative social
media campaign will be conducted
because it is essential for long-term
success since most of future customers
are millennials
❖ Success of “Barry's Bootcamp” in
London shows that local people are
lured by appeal of global brands, this
fact could be used during future
marketing campaign
Financials
Based on “Core Collective” numbers ( our direct competitor in the niche) and which has
location with similar earnings metrics with our targeted area , we can state that in
conservative scenario, we expect the following financials calculated per club:
Clients Annual # of
bookings per
client
Bookings
per year
£ Average
price
(per booking)
£ Annual
Revenue
Number Annual
Growth
Year 1 13,000 5 65,000 £15 £975,000
Year 2 16,000 20% 5.5 88,000 £15.5 £13,64,000
Year 3 18,000 15% 6 1,10,400 £16 £17,66,400
Tony & Nancy Blood – OTF Owners
Investment Opportunity 2017
Orangetheory: London Expansion
WHAT IS ORANGETHEORY
Orangetheory is a 1 hour, full body
workout, focused on endurance,
strength and/or power training. We
use heart rate based interval training,
which burns more calories post
workout than traditional exercise
1Combining data, personalization and
safety (our fitness coaches to lead
the workout to prevent customers
from over or under training) our
workouts are revolutionary.
32Fitted with hear rate monitors, our
customers results are displayed in
real time on large screens throughout
the studio. Moreover, the workouts
are tailored to the individual’s heart
rate zones - making the workout
effective for all fitness levels.
WHAT IS ORANGETHEORY
Backed by science, and with a host
of customers across the US loving
the results. Orangetheory represents
the future in fitness, wearables and
recovery.
5They typically burn 600-1000 calories
per workout for our customers and an
extra 200-400 more the following day.
The results for our customers:
increased muscle stamina, more
power and tremendous weight loss
results. Achieved in an environment
that is communal, energetic and
inspiring.
4
WHAT PROBLEM IS ORANGETHEORY SOLVING?
The proliferation of gyms and fitness
options have overwhelmed customers
and delivered underwhelming results
Too many customers join a gym, fail to
use it and then regret their membership.
Part of the reason for doing so is the
lack of motivation to work out alone.
Orangetheory solves that problem with
an inclusive group fitness model that is
tailored to customers like none other.
Results are recorded specific to the
individual, exercise are adjusted for their
fitness and gym staff
It’s the only workout that suits both
newcomers and experienced gym
veterans.
In short, Orangetheory makes gym goers
fell part of something big, without losing
sight on the most important aspect of their
gym journey – their personal health and
wellbeing.
WHY IS ORANGETHEORY THE SOLUTION? WHY
NOW?
• 75% of online consumers indicate they’re likely to purchase health and fitness technology in the next 12 months (CES,
2016).
• Therefore, finding a way to link popular wearable devices to create a more meaningful gym experience is critical to the
ongoing longevity of gyms and fitness clubs.
• Orangetheory is one of the few doing it successfully, be it with the current in-house device system or in the future by
linking existing devices to the cloud’s database, Orangetheory has cracked the balance between workout data that
gym-goers need and intrusion.
• As the device and the gym offering matures, the devices can be use by PTs to improve customer experience (and
revenue), to track attendance and frequency and to reward gym goers for personal effort.
• The reward aspect is especially exciting as a way of creating brand loyalty and retention. For example, Sally’s goal is
to workout four days a week, when she gets there she receives 10 Orange points to use on merchandise, protein
supplements or at the partnering cafés.
THE PRODUCT SPECIFICATIONS – HOW DOES
IT WORK?
• We use Otbeat, our exclusive heart rate monitoring technology. Members have the unique experience of
seeing real time data during their workout, enabling them to push themselves to new limits. After class,
they can then monitor their improvements through emailed results and by using the OTbeat APP.
• During workouts we use zones to monitor heart rates and amplify results. There are 5 heart rate zones
based on specifically designed and timed interval training blocks. During a workout, members focus on
Zones 3, 4 and 5; trying to achieve 12 minutes or activity in Zones 4 & 5. This will create the after-burn.
• The physiological theory behind the Orangetheory workout is known as “Excess Post-Exercise Oxygen
Consumption,” or EPOC. Our 1 hour workout is designed to produce 12 minutes or more of intensities at
84% or higher of maximum heart rate. This program design produces workout “after burn” effect, which is
an increased metabolic rate for up to 36 hours after the workout.
• Hexagon Holdings has acquired 10 franchises for development in Southern and Western London.
• 700 Orangetheory Fitness gyms worldwide, and only 3 in London.
• The locations have 3x the amount of ”core” customers that constitutes an opening of a new Orangetheory gym
in the US.
• London is the size of NYC (8M people).
• Groundswell of fitness driven culture.
• Gap in Market for metric driven fitness.
• Gap in Market for premium product at lower pricing.
OPPORTUNITY
• There are now 6,435 fitness facilities in the UK, up from 6,312 last year. With 224 new public and private
fitness facilities opening in the last 12 months.
• This doesn’t prove a strong competitive threat, it shows the opportunity for a revolutionary premium fitness
offering that is priced competitively. For the first time in the history of UK fitness, Pure Gym, a low cost chain
had the highest market share.
• Total fitness industry membership in the UK is to 9.2 million.
• Memberships rising 5.3% yearly.
• Total market value of the fitness industry in the UK is estimated at £4.4 billion.
• Wearables, low cost and flexible membership options and active escape fitness retreats leading the trends in
the industry.
ADDRESSABLE MARKET
• Low cost options such as PureGym. Cheap monthly and weekly memberships without onerous joining
conditions. Usually 24 hour access but with little staffing or expertise available to help you train. Convenience
and cost proposition.
• Premium offerings such as Equinox, BLOK. Boutique gyms where users pay for the privilege of a cafeteria,
quality showers, the high rents of trendy brick buildings and the goodwill of the brand name. Luxury
proposition.
• The sweet spot – low cost and premium offering – Orangetheory Fitness.
• Metric driven fitness that is easy, expert and engaging. Tailored workouts and intensity level based on
individual fitness levels that have been crafted by scientific expertise.
• An affordable cost that members want to pay because it delivers results, not just trends. A workout that reaps
benefits for up to 36 hours afterwards, without making you not want to go back.
COMPETITIVE SCENARIO – WHO ELSE?
TERRITORY FOR DEVELOPMENT
Core Customer Count
• Mitcham - 232,000
core - 95,000
• New Malden - 170,000
core - 95,000
• Teddington - 162,000
core - 92,000
• Hayes - 567,000 total
core - 173,000
• Isleworth - 183,000
core - 90,000
• Putney - 166,000
core - 100,000
GROWTH MODEL
1. Free workout
New customers are offered the chance to get a free one hour workout before they join Orangetheory. There’s no
inductions, no beginner workouts – trial members are straight into the splat zone (our terminology for Zone 5 / orange
zone).
2. Paid membership
Once leads have given us a go we go into membership. Following up each trial workout with an email that includes the
trial members results. Using the email address we ouch follow up comms recommending a membership and helping with
fitness and nutrition goals.
3. Corporate membership
Corporate rates help keep the costs of individual memberships down but also expand the awareness in our brand. As
more companies stress the importance of company culture and wellbeing, we see huge potential in corporate
memberships (London included).
4. Advocacy
Turning all of our customers into devoted brand advocates is the final element to our growth strategy. Using Instagram
#OTFadventure promotions, well-known lifestyle promoters and our success stories landing page at myallout.com, we’ve
managed to created a loyal following of fit friends that are unyielding to the brand.
BUSINESS MODEL
OUR TEAM
Tony Blood
• Tony has been in Consulting and Sales for the last 18 years. Most recently he was
the Managing Director at AHEAD where he was responsible for a $250M P&L.
• He began Orange Theory in April of 2016.
• He has lost over 70lbs since the beginning.
• He has a BS from Southern Illinois University and an MBA from the Kellogg School
of Management at Northwestern University
OUR TEAM
Jason Zavasnik
• Jason is a veteran in the fitness industry working as a director, educator, personal trainer, and
corrective exercise specialist. He has worked with Orangetheory Fitness for the past 5 years
and is an Orangetheory Fitness Master Educator.
• He serves as a direct resource for Orangetheory Fitness franchise owners; recruiting,
interviewing, and training qualified fitness professionals.
• He has completed specialized OTFit Certification training to over 40 Orangetheory Fitness
franchises and has successfully supported the growth and development of the Orangetheory
Fitness Brand in multiple new markets.
• He has developed and implemented specialized ongoing fitness education that has helped
create highly trained teams for some of the top-performing franchise studios in the network.
5 YEAR PLAN: INVESTOR PROSPECTUS
Initial Outlay Investmentt 1,500,000£
Equity offered 15%
Yearly
Dividend
Studio 1 Studio 2 Studio 3 Studio 4 Studio 5 Studio 6 Studio 7 Studio 8 Studio 9 Studio 10 7.50%
Year 1 Estimates 241,747£ 169,223£ 72,524£ 483,495£ 36,262£
Year 2 Estimates 681,581£ 545,264£ 477,106£ 161,165£ 128,932£ 217,573£ 72,524£ 2,284,145£ 127,796£
Year 3 Estimates 928,689£ 742,951£ 650,082£ 567,984£ 454,387£ 613,422£ 477,106£ 241,747£ 21,757£ 72,524£ 4,770,650£ 174,129£
Year 4 Estimates 975,123£ 780,099£ 975,123£ 773,907£ 619,126£ 835,820£ 650,082£ 681,581£ 333,974£ 555,212£ 7,180,047£ 204,776£
Year 5 Estimates 1,023,879£ 819,103£ 1,023,879£ 910,115£ 728,092£ 877,611£ 975,123£ 928,689£ 455,057£ 786,290£ 8,527,839£ 215,015£
Year 6 Estimates 1,075,073£ 860,059£ 1,075,073£ 955,621£ 764,497£ 921,491£ 1,023,879£ 975,123£ 975,123£ 943,547.73£ 9,569,487£ 225,765£
Year 7 Estimates 1,128,827£ 903,062£ 1,128,827£ 1,003,402£ 802,721£ 967,566£ 1,075,073£ 1,023,879£ 1,023,879£ 1,009,596.07£ 10,066,832£ 237,054£
PRE TAX 6,054,919£ 4,843,935£ 6,054,919£ 4,372,193£ 3,497,755£ 5,449,427£ 4,273,788£ 6,054,919£ 4,273,788£ 2,357,574£ 42,882,496£ 1,220,797£
TAX (VAT) 1,210,984£ 968,787£ 1,210,984£ 874,439£ 699,551£ 1,089,885£ 854,758£ 1,210,984£ 854,758£ 471,515£ 9,446,644£
POST TAX 4,843,935£ 3,875,148£ 4,843,935£ 3,497,755£ 2,798,204£ 4,359,542£ 3,419,031£ 4,843,935£ 3,419,031£ 1,886,059£ 33,435,852£
Year 1 Year 2 Year 3 Annual Studio
Totals
Estimated Start Up Costs: Two Studios
Costs Wandsworth Studio Putney Studio
Architectual Drawings 12,000£ 12,000£
Construction 519,000£ 507,000£
Store Signage Out/In 15,000£ 15,000£
Gym Equipment DP 8,000£ 8,000£
AV Equipment (Studio) 30,000£ 30,000£
FFE (Computers, Studio setup, etc.) 12,000£ 12,000£
OT Beat Equipment and Intial Order 10,000£ 10,000£
Business Licenses 1,000£ 1,000£
Retail/Promotional 5,000£ 5,000£
Music Licenses 750£ 750£
Totals 612,750£ 600,750£
ESTIMATED START UP COSTS: TWO
STUDIOS
Costs Wandsworth Studio Putney Studio
Architectual Drawings 12,000£ 12,000£
Construction 519,000£ 507,000£
Store Signage Out/In 15,000£ 15,000£
Gym Equipment DP 8,000£ 8,000£
AV Equipment (Studio) 30,000£ 30,000£
FFE (Computers, Studio setup, etc.) 12,000£ 12,000£
OT Beat Equipment and Intial Order 10,000£ 10,000£
Business Licenses 1,000£ 1,000£
Retail/Promotional 5,000£ 5,000£
Music Licenses 750£ 750£
Totals 612,750£ 600,750£
YEAR 1 PRO FORMAYear 1 Pro Forma
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
MonthofOperations 1 2(Opening) 3 4 5 6 7 8 9 10 11 12 Year1
NumberofActiveMemberships 600 600 636 674 715 757 803 851 902 956 1014 1075 799
AverageRevenueperMember 99£ 124£ 124£ 124£ 124£ 124£ 124£ 124£ 124£ 124£ 124£ 124£ 122£
Retail 400£ 500£ 500£ 500£ 500£ 500£ 500£ 500£ 500£ 500£ 500£ 5,400£
DropinRevenue 500£ 500£ 500£ 500£ 500£ 500£ 500£ 500£ 4,000£
FreezeFees 100£ 100£ 100£ 200£ 200£ 200£ 200£ 1,100£
FoodDrink 50£ 100£ 100£ 100£ 100£ 100£ 100£ 100£ 100£ 100£ 950£
lateCancel/NoShows 400£ 500£ 600£ 700£ 800£ 900£ 1,000£ 1,000£ 1,000£ 1,200£ 8,100£
SpecialEvents 800£ 1,000£ 1,000£ 1,000£ 1,000£ 1,500£ 1,500£ 1,500£ 1,500£ 1,500£ 1,500£ 13,800£
MonthlyMembershipRevenue 59,400£ 74,400£ 78,864£ 83,596£ 88,612£ 93,928£ 99,564£ 105,538£ 111,870£ 118,582£ 125,697£ 133,239£ 1,173,290£
TOTALMONTHLYREVENUE 59,400£ 75,600£ 80,814£ 85,696£ 91,312£ 96,828£ 103,064£ 109,138£ 115,670£ 122,382£ 129,497£ 137,239£ 1,206,640£
VairableExpenses:
Labor&RelatedExpenses26% 26,143.87£ 19,656.00£ 21,011.64£ 22,280.92£ 23,741.01£ 25,175.35£ 26,796.64£ 28,375.83£ 30,074.22£ 31,819.40£ 33,669.28£ 35,682.16£ 324,426.33£
Supplies&Products7% 4,158.00£ 5,208.00£ 5,520.48£ 5,851.71£ 6,202.81£ 6,574.98£ 6,969.48£ 7,387.65£ 7,830.91£ 8,300.76£ 8,798.81£ 9,326.73£ 82,130.31£
Roytalties5% 2,970.00£ 3,720.00£ 3,943.20£ 4,179.79£ 4,430.58£ 4,696.41£ 4,978.20£ 5,276.89£ 5,593.50£ 5,929.11£ 6,284.86£ 6,661.95£ 58,664.51£
TOTALVARIABLEEXPENSES 33,271.87£ 28,584.00£ 30,475.32£ 32,312.42£ 34,374.40£ 36,446.75£ 38,744.31£ 41,040.37£ 43,498.63£ 46,049.27£ 48,752.95£ 51,670.85£ 465,221.15£
SiteOperatingExpenses
GMSalary120,000 10,000£ 10,000£ 10,000£ 10,000£ 10,000£ 10,000£ 10,000£ 10,000£ 10,000£ 10,000£ 10,000£ 110,000£
Trainers&SAStaffsalary 5,210£ 12,667£ 12,667£ 12,667£ 12,667£ 12,667£ 12,667£ 12,667£ 12,667£ 12,667£ 12,667£ 12,667£ 144,543£
Equipment-(treads/rowersetc) 8,000£ 8,000£ 8,000£ 8,000£ 8,000£ 8,000£ 8,000£ 8,000£ 8,000£ 8,000£ 8,000£ 8,000£ 96,000£
Marketing1.5% 1,508£ 1,465£ 1,465£ -£ 1,465£ 1,465£ -£ 1,465£ 1,465£ -£ 1,465£ 1,465£ 13,228£
BusinessInsurance 667£ 667£ 667£ 667£ 667£ 667£ 667£ 667£ 667£ 667£ 667£ 667£ 8,000£
Utilities 600£ 600£ 600£ 600£ 600£ 600£ 600£ 600£ 600£ 600£ 600£ 600£ 7,200£
Repairs&maintenance 475£ 475£ 475£ 475£ 475£ 475£ 475£ 475£ 475£ 475£ 475£ 475£ 5,700£
Rent 4,583£ 4,583£ 4,583£ 4,583£ 4,583£ 4,583£ 4,583£ 4,583£ 4,583£ 4,583£ 4,583£ 4,583£ 55,000£
Taxes:PaidbyTenantinUK:60,000 5,000£ 5,000£ 5,000£ 5,000£ 5,000£ 5,000£ 5,000£ 5,000£ 5,000£ 5,000£ 5,000£ 5,000£ 60,000£
SITEOPERATINGEXPENSES 26,043£ 43,457£ 43,457£ 41,992£ 43,457£ 43,457£ 41,992£ 43,457£ 43,457£ 41,992£ 43,457£ 43,457£ 499,672£
SITELEVELINCOME 241,747.43£
Margin 20%
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