{"id":243858,"date":"2024-07-16T05:14:00","date_gmt":"2024-07-16T05:14:00","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2024\/07\/16\/third-spaces-ceo-follows-an-80-20-rule-for-eating-out-competes-in-triathlons-at-54-years-old-and-has-made-startup-investments-he-regrets\/"},"modified":"2025-06-25T17:14:39","modified_gmt":"2025-06-25T17:14:39","slug":"third-spaces-ceo-follows-an-80-20-rule-for-eating-out-competes-in-triathlons-at-54-years-old-and-has-made-startup-investments-he-regrets","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2024\/07\/16\/third-spaces-ceo-follows-an-80-20-rule-for-eating-out-competes-in-triathlons-at-54-years-old-and-has-made-startup-investments-he-regrets\/","title":{"rendered":"Third Space\u2019s CEO follows an 80\/20 rule for eating out, competes in triathlons at 54-years-old and has made startup investments he regrets"},"content":{"rendered":"

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What would you do if you had a six-figure salary? Perhaps you\u2019d never cook another meal again or indulge in a monthly Thai massage and a Soho House membership to unwind from the stress that comes with being at your A game.<\/p>\n

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Here at The Good Life you don\u2019t have to imagine what life at the top looks like anymore: Get real-life inspiration for how the most successful live their lives.<\/p>\n

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Today Fortune<\/em> meets Colin Waggett, the CEO of London\u2019s hottest high-end gym, Third Space\u2014perhaps better known as the spot where David Beckham and Prince Harry have worked out. Britain\u2019s answer to Equinox has taken London\u2019s luxury gym market by storm.<\/p>\n

Despite only opening its first club in 2001 and having a hefty price tag of \u00a3220-to-\u00a3250 a month, Third Space is rapidly growing a loyal fan base of millennials. This is thanks, in part, to its Instagramable interiors and classes (hello, hot yoga).\u00a0<\/p>\n

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35,000+ <\/p>\n

Number of Third Space members. <\/cite><\/p><\/blockquote>\n<\/figure>\n

But also, Waggett\u2019s extensive industry experience: He was Fitness First\u2019s CEO for over seven years before launching his own boutique gym, Psycle, which was acquired in 2014 for an undisclosed amount.\u00a0<\/p>\n

Under his helm, Third Space has quadrupled in size when it comes to revenue and membership size. Last year, it secured an \u00a388.5 million cash injection to help the brand scale up \u00e0 la Equinox which has over 40 fancy fitness clubs across the pond. Although Third Space has only just opened its 11th club, it\u2019s already too tight a squeeze for its 35,000-plus members and several sites are now operating a waiting list. With high-end gyms seriously en vogue, Waggett\u2019s is personally on the lookout for new locations<\/a>.<\/p>\n

The finances <\/h2>\n

Fortune: <\/em>What has been the best investment you\u2019ve ever bought?<\/strong><\/p>\n

My investment in Third Space. I can\u2019t tell you how much \u2013 but it is a great business.<\/p>\n

The worst?\u00a0\u00a0<\/strong><\/p>\n

I\u2019ve done a handful of investments in startups that have gone bust\u2026<\/p>\n

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Third Space set within the 23-acre Wood Wharf district:<\/cite><\/p><\/blockquote>\n<\/figure>\n

\"Third
Third Space in Wood Wharf.<\/figcaption>

Courtesy of Third Space<\/p>\n<\/div>\n

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Courtesy of Third Space<\/p>\n<\/div>\n

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Courtesy of Third Space<\/p>\n<\/div>\n

Do you carry a wallet?<\/strong><\/p>\n

Not since Covid. Apple Pay all the way.<\/p>\n

What personal finance advice would you give your 20-year-old self?\u00a0\u00a0<\/strong><\/p>\n

Save a bit regularly, but back yourself. I\u2019d rather invest in a business I know, understand and am involved in, than a fund that invests in businesses I know nothing about, paying fees to someone I\u2019ve never met.<\/p>\n

What\u2019s the one subscription you can\u2019t live without?\u00a0<\/strong><\/p>\n

Strava \u2013 can I have two? And Spotify.<\/p>\n

\"Garmin
Colin\u2019s go-to watch is from American-Swiss company, Garmin. <\/figcaption>

Bridget Bennett\u2014Bloomberg\/Getty Images<\/p>\n<\/div>\n

Where\u2019s your go-to watch from?\u00a0<\/strong><\/p>\n

Garmin.<\/p>\n

What\u2019s your go-to work wardrobe?<\/strong><\/strong><\/p>\n

Paul Smith, LuluLemon, Eton, Vulpine.<\/p>\n

\"DETROIT,
When it comes to work attire, Lululemon is a favorite for Third Space CEO.
\n<\/figcaption>

Stephen Zenner\u2014SOPA Images\/LightRocket\/Getty Images<\/p>\n<\/div>\n

If you have children, what do your childcare arrangements look like?\u00a0<\/strong><\/p>\n

My kids are 21 and 18, so they can now pick me up from the pub when I need them to.<\/p>\n

The necessities<\/h2>\n

How do you commute to work?\u00a0<\/strong><\/p>\n

I take the train from Winchester \u2014\u00a0it provides a very productive hour each way of reading, writing and thinking.<\/p>\n

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Save a bit regularly, but back yourself. I\u2019d rather invest in a business I know, understand and am involved in, than a fund that invests in businesses I know nothing about, paying fees to someone I\u2019ve never met.<\/p>\n<\/blockquote>\n<\/figure>\n

How do you get your daily coffee fix?\u00a0\u00a0<\/strong><\/p>\n

I love my Sage espresso coffee machine \u2014 homemade is the best. One of my colleagues is a total coffee nut, so he makes sure we pick the best coffee shops wherever we are in London. The office favourite is Hideaway Coffee House on Brewer Street in Soho.\u00a0<\/p>\n

\"A
Waggett usually gets his daily coffee fix at home, using his Sage espresso coffee machine.<\/figcaption>

Joseph Branston\u2014T3 Magazine\/Future\/Getty Images<\/p>\n<\/div>\n

Do you have lunch al desko?\u00a0\u00a0\u00a0\u00a0<\/strong><\/p>\n

Often, yes. We have our own food business called Natural Fitness Food, or NFF for short, which is super healthy, macro controlled, fresh and delicious. My current favourite is the Hot Smoked Salmon which has 38g of protein.<\/p>\n

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Just got to Canary Wharf for session at Third Space gym\u2026 pit stop at @NaturalFitFood<\/a> \ud83d\udcaa\ud83c\udffc Very impressive! #NFF<\/a> #ThirdSpace<\/a> pic.twitter.com\/zkwvvWENhT<\/a><\/p>\n

\u2014 Jake Mallen (@_JMallen) October 19, 2016<\/a><\/p><\/blockquote>\n

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How often in a week do you dine out versus cook at home?\u00a0<\/strong><\/p>\n

We eat in 5 nights and eat out 2. I am lucky my wife is a fantastic cook, and\u00a0I tend to cook one night at the weekend.\u00a0<\/p>\n

The treats <\/h2>\n

How do you unwind from the top job?\u00a0<\/strong><\/p>\n

I work out a lot at our clubs (obviously!) and ride my bike through the Hampshire countryside or through the Mountain ranges of Europe when I get the chance. I also play golf and compete in the odd triathlon. And, of course, spending time with family, friends and wine.<\/p>\n

\"View
Colin and his family have a house on the North Coast of Cornwall, which backs onto dunes, the sea and surf.<\/figcaption>

Deejpilot via Getty<\/p>\n<\/div>\n

What\u2019s the best bonus treat you\u2019ve bought yourself?\u00a0<\/strong><\/p>\n

I always need another bike. My latest is the Pinarello F12.\u00a0<\/p>\n

Take us on holiday with you, what\u2019s next on your vacation list?<\/strong><\/p>\n

3 or 4 ski trips, some downhill, some touring, and heli (off-trail, where the skier reaches the top of the mountain by helicopter) if I\u2019m lucky. All my family and friends are ski nuts. I tend to also go on a cycling trip with friends to some mountains somewhere. We have a house on the North Coast of Cornwall to escape to, which backs onto dunes, the sea and surf \u2014 I\u2019ll get in the water every day and walk or run the cliff tops with the family and the dog. And then somewhere interesting or hot. Last year it was Sumba and Komodo in Indonesia, this year Croatia. How many is that? Not enough!<\/p>\n

Here at The Good Life you don\u2019t have to imagine what life at the top looks like anymore: Get real-life inspiration for how the most successful live life.<\/em> Dive into our other \u2018The Good Life\u2019 profiles.<\/em><\/a><\/p>\n

Fortune wants to hear from European leaders on what their \u201cGood Life\u201d looks like. Get in touch:\u00a0orianna.royle@fortune.com<\/a><\/em>. <\/p>\n<\/div>\n