The departure of Gymshark’s CFO after a two-year tenure marks a significant change for the company.
- Mat Dunn, who joined Gymshark in 2022, has quietly left the firm without a formal announcement.
- Dunn was instrumental in evolving Gymshark’s finance and commercial operations during his time.
- The company’s recent accounts, overseen by Dunn, showed a drop in pre-tax profits despite revenue growth.
- Gymshark, valued at £1bn, is yet to announce Dunn’s replacement following his removal as director.
The financial landscape at Gymshark has recently shifted with the quiet exit of its Chief Financial Officer, Mat Dunn, who has departed after two years in the role. His departure was subtle, noted primarily through a Companies House update indicating his removal as a director, while the company refrained from making any public announcement.
Dunn joined Gymshark in 2022, stepping into the position previously held by Philip Daw. Over his two-year tenure, Dunn was pivotal in restructuring and advancing the finance and commercial sectors within Gymshark, as noted by a company spokesperson who expressed gratitude for his contributions.
Remarkably, during Dunn’s stewardship, Gymshark filed accounts revealing a notable 53% decrease in pre-tax profits for the year ending July 2023, amounting to £13.1 million. This downturn was attributed to sudden cost hikes, although there has been some stabilisation since then. In contrast, the company’s revenues saw a promising rise from £484.4 million to £556.2 million, illustrating strong market performance amid financial adjustments.
Mat Dunn, with a background that includes being part of ASOS’ leadership as CFO, COO, and interim CEO, during which ASOS experienced a precipitous fall in share prices by over 90% from early 2021 to December 2022, managed to guide Gymshark through both challenges and growth.
Founded in Solihull in 2012, Gymshark has since become a leading name in the UK’s e-commerce sector, achieving a remarkable valuation of £1 billion after a significant investment from General Atlantic in 2020. This growth trajectory has also significantly enriched its founder, Ben Francis, who is now considered one of the UK’s wealthiest young entrepreneurs.
The search for Gymshark’s new CFO continues as the company navigates financial growth and operational changes.
