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%