General Atlantic Bought Gymshark at the Top. Now Ben Francis Is Buying It Back at Half Price. Here's the Brutal Math Behind One of the Most Instructive PE Deals in British Business History.

Let me give you a number. £867 million.

That’s roughly how much enterprise value has been destroyed at Gymshark since General Atlantic invested in 2020 not because the business collapsed, but because the multiple the market puts on apparel earnings went from 33x to 10.8x whilst Gymshark’s margins were simultaneously getting cut in half.

Revenue up 150% in…