Metis Takes the Strain to Ofex

Sunday Business (London, England), July 1, 2001 | Go to article overview
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Metis Takes the Strain to Ofex

METIS, a fledgling chain of private physiotherapy centres whose backers include former football star Ian Wright, is shaping up for an Ofex flotation towards the end of this year or early next year.

The company, which opens its first site in Croydon, Surrey, this week, is about to embark on a private placing to raise [pound]1.5m to finance the development of its second and third clinic and to raise money for working capital. It will then float on Ofex to raise funds for the development of up to 10 further sites and could step up to the Alternative Investment Market after that.

Metis was founded by Ronnie Truss, previously a director of Bank Restaurant Group (now known as Fish plc), the quoted leisure company behind the popular Bank eatery in London's Aldwych.

He got the idea for Metis after injuring himself playing sport ahead of an attempt to run the marathon. Wright, a friend of the restaurateur, suggested a visit to physiotherapist David West, who treats a number of well-known sportsmen.

It was after his sessions with West that Truss came up with the idea for a chain of dedicated physiotherapy centres which he hopes will educate people about their bodies as well as treat them.

He has financed the first centre personally, at a cost of about [pound]1m, but is raising funds from elsewhere for the future expansion.

The company takes its name from Greek mythology. According to legend, Asclepius was the first doctor and his healing skills were known as the Metis.

The creation of the chain comes in the wake of a boom in health and fitness club membership and when the National Health Service is struggling to cope with demand for physiotherapy, the combination of which has convinced Truss that the timing of the launch could not be better.

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Metis Takes the Strain to Ofex


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