Ben Francis, the billionaire founder of Gymshark, has stepped down from the sports talent agency he co-founded, The Members Agency.
Established in 2018 and headquartered in Birmingham, The Members Agency also brokers sports sponsorship deals.
A recent filing with Companies House reveals that Francis has resigned as a director and is no longer listed as a person with significant control over the business, as reported by .
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He was initially appointed as a director on 1 August, 2018, and held more than a 25 per cent stake in the company.
The Companies House documents also indicate that former Gymshark chairman and AllSaints co-owner Paul Richardson has likewise resigned and sold his shares.
Richardson, who had been a director since July 2018 and also held a stake of more than 25 per cent, stepped down as chairman of Solihull-based Gymshark three years ago. He currently holds the position of executive chairman at fashion brand Hera.
Noel Mack, the chief brand officer at Gymshark, has also resigned as a director of The Members Agency, although he did not hold a stake in the company.
The Members Agency is managed by managing director Nathan Rooney, a former professional tennis player. The firm's remaining shareholder is former Gymshark CEO Steven Hewitt.
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Hewitt served as CEO of Gymshark from 2015 to 2021 before transitioning to chairman until 2022 and then a non-executive director until late 2023.
According to its website, The Members Agency operates within the elite sports market on a global scale. The company collaborates with major brands such as Adidas, Puma, Nike, New Balance, Fifa, Barclays, HSBC, Intel, the Premier League and the ATP Tour.
Its forthcoming financial results are set to be submitted to Companies House by the end of this month. As of 31 July 2023, the firm reported net assets of £92,898, a decrease from £193,318.
Ben Francis declined to comment when approached by City AM.
Gymshark, owned by Ben Francis, is also expected to disclose its latest accounts to Companies House by the end of April.
City AM reported in February last year that Gymshark's profits dipped even as its sales soared beyond £550m. The fitness apparel company recorded pre-tax profits of £13m for the 12 months ending July 31, 2023, down from £27.8m.
This marked the second consecutive year of profit decline for Gymshark, following its first-ever drop in the previous financial year. However, the firm's EBITDA, excluding exceptional costs, rose from £39.9m to £45.3m. Gymshark stated that it places more emphasis on this measure as it serves as a "due to its proxy for underlying trading performance".