General Atlantic is negotiating a partial sale of its 21% stake in the fitness‑wear maker Gymshark back to founder Ben Francis. The move follows the 2020 deal that valued the company at £1.25bn (about $1.6bn) and cemented its status as a UK unicorn. Francis keeps a 70% holding and sits on the board.

The founder is in parallel talks with banks to finance the buy‑back, but terms remain under negotiation. Gymshark’s latest filings show revenue rose 6.5% to £647m ($874m) in the year to July 2025, while pre‑tax profit fell from £11.8m to £6.9m ($9.3m). The margin squeeze reflects cooling growth and stiffer competition.

Last year, the company cut hundreds of roles in a restructuring aimed at weathering “near‑term storms” and improving service to European customers. The plan also opened a handful of high‑street outlets, including one on London’s Regent Street, to reinforce direct consumer sales and protect margins.

For General Atlantic, a partial unwind would be an unusual exit from a growth‑equity position that helped Gymshark rise from a garage start‑up to a billion‑pound brand. The deal would give Francis greater control at a time when the business seeks to reignite growth and navigate tightening margins.