Crowdcube • Deadly Dozen Fitness Race
Aandelencrowdfunding
Deadly Dozen Fitness Race
Deadly Dozen operates accessible global fitness races designed for tracks and gyms. Utilising standard equipment, it aims to remove traditional entry barriers. With over 100,000 Instagram followers, the business has expanded its events into over 20 countries and 110+ affiliate gyms.
Key project data
Target amount
1,0 MEUR
Valuations
5,0 MEUR
Einddatum
2026-07-04
Would AI invest?
53/100
1
100
Door AI gegenereerd overzicht
AI project overview
Condensed summary based on project data
<p><span style="font-size:20pt"><span style="font-family:"Times New Roman",serif"><strong>Deadly Dozen Limited</strong></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Train Anywhere. Race Everywhere — a mass-participation fitness-racing brand</em></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:1px solid #c9c9c9; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Sector</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:1px solid #c9c9c9; vertical-align:top; width:477px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Fitness / mass-participation events</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Stage</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:477px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Operating and revenue-generating; raising growth capital (seed-style)</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">HQ</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:477px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Macclesfield, United Kingdom (company no. 15565498)</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Raise</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:477px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">£1,000,000 target via equity crowdfunding on Crowdcube; £264,705 from 323 investors at capture</span></span></p> </td> </tr> </tbody> </table> <div style="border-bottom:solid #c9c9c9 1.0pt; padding:0in 0in 3.0pt 0in"> <h1><span style="font-size:15pt"><span style="font-family:"Times New Roman",serif">AI Score</span></span></h1> </div> <table cellspacing="0" class="Table" style="background:white; border-collapse:collapse; margin-left:-1px"> <tbody> <tr> <td style="background-color:#faece7; vertical-align:top; width:229px"> <p style="text-align:center"> </p> </td> <td style="background-color:#faece7; vertical-align:top; width:395px"> <p><span style="font-size:12pt"><span style="font-family:Aptos,sans-serif"><strong><span style="color:black">Why this score</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:#faece7; vertical-align:top; width:229px"> <p style="text-align:center"> </p> </td> <td style="background-color:#faece7; vertical-align:top; width:395px"> <ul> <li> <p><span style="font-size:11px"><span style="font-family:Aptos,sans-serif"><span style="color:black">Credible, experienced founder and a sizeable owned audience, but most company-specific traction figures are self-reported and unaudited. </span></span></span></p> </li> </ul> </td> </tr> <tr> <td style="background-color:#faece7; vertical-align:top; width:229px"> <p style="text-align:center"><span style="font-size:12pt"><span style="font-family:Aptos,sans-serif"><strong><span style="color:black">53 / 100</span></strong></span></span></p> </td> <td style="background-color:#faece7; vertical-align:top; width:395px"> <ul> <li> <p><span style="font-size:11px"><span style="font-family:Aptos,sans-serif"><span style="color:black">The category is real and growing (validated by incumbent Hyrox), yet Deadly Dozen is a small player facing a far larger, better-funded first mover.</span></span></span></p> </li> </ul> </td> </tr> <tr> <td style="background-color:#faece7; vertical-align:top; width:229px"> <p style="text-align:center"><span style="font-size:12pt"><span style="font-family:Aptos,sans-serif"><strong><span style="color:black">Verdict: Caution</span></strong></span></span></p> </td> <td style="background-color:#faece7; vertical-align:top; width:395px"> <ul> <li> <p><span style="font-size:11px"><span style="font-family:Aptos,sans-serif"><span style="color:black">Filed turnover is £343,641 with £4,934 profit, against a deck claim of “seven-figure” UK revenue that the materials do not reconcile.</span></span></span></p> </li> </ul> </td> </tr> <tr> <td style="background-color:#faece7; vertical-align:top; width:229px"> <p style="text-align:center"> </p> </td> <td style="background-color:#faece7; vertical-align:top; width:395px"> <ul> <li> <p><span style="font-size:11px"><span style="font-family:Aptos,sans-serif"><span style="color:black">Expensive secured debt (~54% effective rate) and a charge over all company assets sit ahead of shareholders.</span></span></span></p> </li> </ul> </td> </tr> <tr> <td style="background-color:#faece7; vertical-align:top; width:229px"> <p style="text-align:center"> </p> </td> <td style="background-color:#faece7; vertical-align:top; width:395px"> <ul> <li> <p><span style="font-size:11px"><span style="font-family:Aptos,sans-serif"><span style="color:black">Founder-controlled, single-director governance with shares held through a nominee, so crowdfund investors have little practical control.</span></span></span></p> </li> </ul> </td> </tr> </tbody> </table> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:1px solid #c9c9c9; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">ℹ️ <strong>This is not investment advice.</strong> The purpose of this overview is to help potential investors preselect crowdfunding projects quickly. Before investing, the final selected project should be reviewed in detail based on the information provided by the company on the respective crowdfunding platform, and you may want to seek independent professional advice.</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-family:Times New Roman,serif"><span style="font-size:20px">Estimated target return</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:1px solid #c9c9c9; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Target basis</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:1px solid #c9c9c9; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Default</strong> — the company did not state a return target, exit route, or time horizon, so a sector default is applied.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Assumed investor goal</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A venture-style capital gain on a future trade sale. Early-stage equity rarely pays dividends, so the realistic way to make money is the company being sold or floated years from now.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Time horizon</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Treat as illiquid for roughly 5–7 years, possibly longer.</span></span></p> </td> </tr> </tbody> </table> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#fbf1dc; border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:1px solid #c9c9c9; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Why aim for roughly 5x? </span></strong></span></span><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Because the company set no target of its own, we apply the standard early-stage default. Most start-ups at this stage fail or return little, so experienced angel investors typically look for the winners to return several times their money — often a 3x–10x gross return over 4–8 years — to make up for the ones that lose. This is an educational benchmark for judging whether the size of the prize justifies the risk, not a forecast and not a promise of any return.</span></span></span></p> </td> </tr> </tbody> </table> <div style="border-bottom:solid #c9c9c9 1.0pt; padding:0in 0in 3.0pt 0in"> <h1><span style="font-size:15pt"><span style="font-family:"Times New Roman",serif">Path to target</span></span></h1> </div> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:1px solid #c9c9c9; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Sector heuristic</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:1px solid #c9c9c9; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">For early-stage equity crowdfunding on ordinary shares, a 5x gross return is a common yardstick. At the current valuation that implies the company would need to be worth on the order of £30m at exit, before any further dilution.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Current key metric</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Filed turnover of £343,641 for the period to 31 July 2025 (£4,934 profit).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Required scale at exit</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Reaching a ~£30m enterprise value from sub-£1m turnover is a large gap. The company’s growth case leans on lines that are not yet proven at scale — a planned subscription app and converting affiliate gyms to paid partners — rather than today’s event revenue.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Implied IRR</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A 5x return over ~6 years is roughly a 30% annual compound return if achieved. Most start-ups do not achieve this; capital loss is the more common outcome.</span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:15pt"><span style="font-family:"Times New Roman",serif">Company description</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Deadly Dozen runs a fitness race built around equipment that gyms and athletics tracks already own — kettlebells, dumbbells and weight plates. The main format is 12 × 400m runs paired with 12 functional exercises (“Labours”), with gym-based variants (Deadly Strong, Erg, Row/Ski/Bike and others) and youth divisions. The company-stated pitch is that this needs no specialist equipment, making it cheaper and easier for venues to host than rigs-and-obstacles formats.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Per the deck and pitch page, the brand has expanded into 20+ countries (the founder’s public posts cite 23), with 100–110+ affiliate gyms and a social following above 100,000 on Instagram. Revenue is company-stated to come from UK track-race tickets, a 15% royalty on franchise ticket sales, affiliate-gym subscriptions (a planned £150/month partner model), a planned performance app (~£19.99/month), and merchandise/sponsorship. The founder, Jason Curtis, is a former British Army Physical Training Instructor, strength-and-conditioning coach and author who also runs an education academy.</span></span></p> <div style="border-bottom:solid #c9c9c9 1.0pt; padding:0in 0in 3.0pt 0in"> <h1><span style="font-size:15pt"><span style="font-family:"Times New Roman",serif">Valuation</span></span></h1> </div> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:1px solid #c9c9c9; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Pre-money valuation</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:1px solid #c9c9c9; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">£5,000,000 (company-set; no methodology disclosed)</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Implied post-money</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">~£6,000,000 if the full £1m is raised</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Share price</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">£5.00 per Ordinary Share; EIS tax relief stated as “pending”</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Implied revenue multiple</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">~14.5x filed turnover of £343,641 — high relative to current financials</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">External benchmark</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Category leader Hyrox reportedly did ~$140m / ~€130m revenue in 2025 with 650k–750k+ athletes and ~10,000–15,000 affiliate gyms — it validates the category and shows the scale gap Deadly Dozen would need to close.</span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Plain reading: </strong>the price assumes substantial future growth, not the current size of the business. No basis for the £5m figure is given in the materials, so you cannot check how it was derived.</span></span></p> <div style="page-break-after:always"><span style="display:none"> </span></div> <div style="border-bottom:solid #c9c9c9 1.0pt; padding:0in 0in 3.0pt 0in"> <h1><span style="font-size:15pt"><span style="font-family:"Times New Roman",serif">Instrument and investor terms</span></span></h1> </div> <h2><span style="font-size:12.5pt"><span style="font-family:"Times New Roman",serif">What you own</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You would own ordinary shares — the most basic form of company share, with no special preferences. There is a single share class (Ordinary), and each share carries one vote. However, your shares are held through a nominee: Crowdcube Nominees Limited holds the legal title on your behalf, and you are the “beneficial owner.” In practice this means you do not vote directly at company meetings; the nominee structure votes, and your individual influence is minimal. The founder holds 75% or more of the votes and is the sole director, so company decisions — including whether and when to sell the business — are effectively made by him.</span></span></p> <h2><span style="font-size:12.5pt"><span style="font-family:"Times New Roman",serif">Dilution and future rounds</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Will there be more rounds? </strong>Yes — the company’s own risk disclosures say it “will need to raise further capital,” with no guarantee of success. No size or timing for a next round is given. “Dilution” means your slice of the company gets smaller when new shares are issued to new investors. Crowdfund investors here have <strong>no anti-dilution protection</strong> (a clause that shields some investors from this effect), so you are exposed to the full effect of future share issues.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Worked example (standard cap-table mechanics, not a forecast): </strong>If you invest £1,000 today at the ~£6,000,000 post-money valuation, you own approximately 0.0167% of the company. If the company then raises £3,000,000 at a £12,000,000 pre-money valuation (a successful, higher-priced Series A), your stake is diluted to approximately 0.0133%. If instead the next round is priced lower — a down-round at £3,600,000 pre-money — your stake is diluted to approximately 0.0119%, and the implied value of your £1,000 falls to roughly £500–£600, a drop of about 40–50%. These are illustrative numbers to show how the mechanics work.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Option pool and pre-emption: </strong>No employee share option pool (ESOP) is disclosed, so its future dilutive effect cannot be assessed. You do have pre-emption rights — the right to buy your proportional share of new shares in a future round — but using them requires putting in more money, so they only help if you can and choose to follow on.</span></span></p> <h2><span style="font-size:12.5pt"><span style="font-family:"Times New Roman",serif">Exit and liquidation mechanics</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Who gets paid first? </strong>No liquidation preference is disclosed for any share class. A liquidation preference sets the order of payouts if the company is sold or wound up. On the disclosed terms, all shareholders share proceeds pro rata (in proportion to holdings) — but only after creditors are paid. That matters here: there is a secured lender (Aurora Leasing) with a charge over all company assets, so secured debt is repaid before any shareholder sees anything. In a sale at or below the current valuation, you could receive little or nothing after debts are settled.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Drag-along and tag-along. </strong>Drag-along: shareholders holding 50% or more can force the remaining shareholders to sell on the same terms — because the founder holds 75%+, he can compel a sale without crowdfund investors’ consent. Tag-along: if a sale would hand someone control of the company, minority shareholders have the right to join and sell on the same terms, which protects you from being left behind at a worse price.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>How long is your money locked up? </strong>Treat this as illiquid for roughly 5–7 years or more. There is an IPO lock-up of up to 180 days if the company ever floats, and no secondary market (a place to sell your shares early) is disclosed. Realistically, you get money back only if the company is sold.</span></span></p> <h2><span style="font-size:12.5pt"><span style="font-family:"Times New Roman",serif">Key risks specific to this instrument</span></span></h2> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Shares are held via a nominee and the founder controls 75%+ of votes — crowdfund investors have little practical say in any decision, including a sale.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A secured charge over all company assets (Aurora Leasing) ranks ahead of shareholders — in a low-value exit, secured debt is paid first and equity may receive little or nothing.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No anti-dilution protection for crowdfund investors — a future down-round would reduce your stake and its value disproportionately.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Drag-along at 50% means the founder can force you into a sale on his chosen terms without your agreement.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No secondary market disclosed — you should expect to be locked in until a strategic exit or IPO.</span></span></li> </ul> <h2><span style="font-size:12.5pt"><span style="font-family:"Times New Roman",serif">Items not disclosed</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The following were not disclosed in the provided materials. Absence of disclosure means you cannot assess these before investing:</span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Liquidation preference order and multiple (whether any class is paid before others).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder vesting schedule (whether the founder must “earn” his shares over time or could leave with them).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Anti-dilution provisions for any class of shareholder.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A detailed cap table, including reconciliation of a former co-owner’s 25–50% stake that ceased shortly before the raise.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The basis/methodology behind the £5,000,000 valuation.</span></span></li> </ul> <div style="page-break-after:always"><span style="display:none"> </span></div> <p><span style="font-size:15pt"><span style="font-family:"Times New Roman",serif">Score breakdown</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:1px solid #c9c9c9; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Category</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:1px solid #c9c9c9; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Score</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:1px solid #c9c9c9; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weight</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:1px solid #c9c9c9; vertical-align:top; width:100px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Verdict</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:1px solid #c9c9c9; vertical-align:top; width:217px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">One-line reason</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Team & founder</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">70</span></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">22%</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:100px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Moderate</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:217px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Credible, experienced founder; audience claims single-sourced.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market & category</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">72</span></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">15%</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:100px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Moderate</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:217px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Real, fast-growing category, validated by Hyrox.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Traction & scale</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">48</span></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">18%</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:100px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:217px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Expansion claimed but self-reported; revenue claim unreconciled.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Business model</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">50</span></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">12%</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:100px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:217px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Plausible streams; key lines (app, paid affiliates) unproven.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Competition</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">45</span></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">10%</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:100px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:217px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Clear differentiation but a dominant, far larger incumbent.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Financials & balance sheet</span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">32</span></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">13%</span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:100px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weak</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:217px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Tiny profit; ~54% debt; charge over all assets.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Governance</span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">35</span></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">10%</span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:100px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weak</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:217px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Single director; nominee voting; ownership-disclosure gap.</span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Weights sum to 100%. No categories were marked Not evaluable.</em></span></span></p> <div style="page-break-after:always"><span style="display:none"> </span></div> <div style="border-bottom:solid #c9c9c9 1.0pt; padding:0in 0in 3.0pt 0in"> <h1><span style="font-size:15pt"><span style="font-family:"Times New Roman",serif">Detailed review</span></span></h1> </div> <h2><span style="font-size:12.5pt"><span style="font-family:"Times New Roman",serif">Team & founder — 70 (Moderate)</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:1px solid #c9c9c9; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:1px solid #c9c9c9; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder Jason Curtis is a former British Army Physical Training Instructor and strength-and-conditioning coach with a long operating history in fitness.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Author of 20+ fitness titles and founder of an education academy, giving genuine subject-matter credibility.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Built a sizeable owned audience and education funnel (academy, 60k+ mailing list, multiple social accounts) usable for low-cost distribution.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Most audience and academy figures are company-reported and not independently verified.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Sole statutory director; the “16+ Regional Directors” are franchise operators, not a depth-of-management bench.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No information on the wider team’s experience in scaling an events business internationally.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:12.5pt"><span style="font-family:"Times New Roman",serif">Market & category — 72 (Moderate)</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:1px solid #c9c9c9; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:1px solid #c9c9c9; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Fitness racing is growing fast; the functional-fitness events market is large and expanding.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Incumbent Hyrox’s scale (~$140m revenue, 650k–750k+ athletes, 10k–15k affiliate gyms) independently validates demand for the standardised, accessible format.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The “use equipment gyms already own” angle targets a real barrier (cost/complexity) in the category.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The same incumbent data shows how dominant an established competitor already is.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The format is not patentable, so the category’s growth can be captured by larger, better-funded players.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market validation is for the category, not specifically for Deadly Dozen’s share of it.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:12.5pt"><span style="font-family:"Times New Roman",serif">Traction & scale — 48 (Caution)</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:1px solid #c9c9c9; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:1px solid #c9c9c9; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Company reports expansion into 20+ countries (founder cites 23) within roughly two years.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Reported social following above 100,000 on the brand account, with additional reach on the founder’s personal account.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">An affiliate-gym network (company-stated 100–110+) provides a distribution base to build on.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Traction metrics are self-reported and not independently audited.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The deck’s “seven-figure” UK revenue claim conflicts with filed turnover of £343,641 and is not reconciled.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Affiliate-gym count is internally inconsistent (100 in some materials, 110+ in others).</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:12.5pt"><span style="font-family:"Times New Roman",serif">Business model — 50 (Caution)</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:1px solid #c9c9c9; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:1px solid #c9c9c9; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Multiple revenue lines: event tickets, a 15% franchise royalty, affiliate subscriptions, planned app, merch/sponsorship.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Franchise/affiliate model is asset-light and, in principle, scalable like the incumbent’s.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Existing event ticketing already generates real revenue today.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Profitability case leans on a planned subscription app and converting affiliates to paid partners — neither proven at scale.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The £150/month partner model and ~£19.99/month app are targets, not demonstrated conversion.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Named brands (Coca-Cola, Powerade, Garmin, Unilever) are framed as partners of “some franchisees,” not direct company contracts.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:12.5pt"><span style="font-family:"Times New Roman",serif">Competition — 45 (Caution)</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:1px solid #c9c9c9; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:1px solid #c9c9c9; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A genuine differentiator: no specialist rig or branded equipment required to host.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Lower setup cost could appeal to gyms unwilling to commit to a branded-equipment model.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder is engaged in the category’s ecosystem (e.g., spoke at the Hyrox Summit).</span></span></li> </ul> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Hyrox is far larger and better-capitalised, with a multi-year head start and blue-chip sponsors.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The founder himself describes the format as “pioneered by Hyrox,” underscoring follower status.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Nothing legally prevents incumbents from offering a similarly accessible variant.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:12.5pt"><span style="font-family:"Times New Roman",serif">Financials & balance sheet — 32 (Weak)</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:1px solid #c9c9c9; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:1px solid #c9c9c9; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Real filed figures exist: turnover £343,641 and a small profit of £4,934 for the period to 31 July 2025.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company operated at a (marginal) profit rather than deep losses.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Revenue is diversified across several streams rather than a single source.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Borrowing is very expensive: an IWOCA loan with a ~53–55% effective annual rate and ~£110k outstanding, with £8,268.50 monthly repayments to January 2028.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">An Aurora Leasing debenture places a charge over all company assets, ranking ahead of shareholders, with a negative pledge limiting further secured borrowing.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Liabilities of £214,396 against a tiny profit leave very little margin; the cost of debt consumes runway.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:12.5pt"><span style="font-family:"Times New Roman",serif">Governance — 35 (Weak)</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:1px solid #c9c9c9; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:1px solid #c9c9c9; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder is identity-verified at Companies House and is a long-time operator in the sector.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Standard minority-shareholder protections and tag-along rights are present.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company states an intention to appoint an additional director in future.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Single director makes all board decisions; the board observer cannot vote (the company itself flags reduced oversight).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Shares are held via a nominee and the founder controls 75%+ of votes, so investors have minimal practical influence.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The SKI states 100% founder ownership, but the registry shows a second person with significant control (25–50%) who ceased about three weeks before the raise — a disclosure gap.</span></span></li> </ul> </td> </tr> </tbody> </table> <div style="page-break-after:always"><span style="display:none"> </span></div> <p><span style="font-size:15pt"><span style="font-family:"Times New Roman",serif">Red flags and integrity checks</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:1px solid #c9c9c9; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Check</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:1px solid #c9c9c9; vertical-align:top; width:411px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Finding</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Revenue claim vs filed accounts</span></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:411px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Flag</strong> — the deck says UK races “already generate seven-figure annual revenue,” but filed turnover to 31 July 2025 is £343,641. The materials do not reconcile the two.</span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Ownership disclosure vs registry</span></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:411px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Flag</strong> — the SKI declares the founder 100% owner with nothing “omitted or materially misleading,” yet Companies House records a second person with significant control (25–50%) from August 2024 until ceasing on 14 May 2026, just before the raise. The change is not addressed.</span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Cost and security of debt</span></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:411px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Flag</strong> — a ~53–55% effective-rate loan plus a debenture over all assets with a negative pledge. Secured debt ranks ahead of shareholders. Prospective investors have already raised this on the pitch page (“Debt at 54% interest”).</span></span></p> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Internal consistency of metrics</span></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:411px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Flag</strong> — affiliate-gym count appears as 100 in some materials and 110+ in others. Minor, but unreconciled.</span></span></p> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Valuation basis</span></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:411px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Flag</strong> — £5m pre-money (~14.5x turnover) with no disclosed methodology; the forward case depends on unproven revenue lines.</span></span></p> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">EIS / tax-relief status</span></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:411px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Flag</strong> — EIS relief is “pending,” not confirmed; reward perks valued above £1,000 may affect eligibility.</span></span></p> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Governance oversight</span></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:411px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Flag</strong> — single-director company; the company itself notes this reduces oversight and that the board observer cannot vote.</span></span></p> </td> </tr> <tr> <td style="background-color:#efefef; border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Sponsor-name framing</span></span></span></p> </td> <td style="border-bottom:1px solid #c9c9c9; border-left:none; border-right:1px solid #c9c9c9; border-top:none; vertical-align:top; width:411px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Note</strong> — major brand names are presented as working with “some franchisees,” not as direct contracts of Deadly Dozen Limited. Not a misstatement, but easy to over-read.</span></span></p> </td> </tr> </tbody> </table> <div style="border-bottom:solid #c9c9c9 1.0pt; padding:0in 0in 3.0pt 0in"> <h1><span style="font-size:15pt"><span style="font-family:"Times New Roman",serif">Data quality notes</span></span></h1> </div> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Completeness is partial: the regulatory summary, deck and pitch page are present, but there is no full business plan, financial model, audited accounts, detailed cap table, or independent expert review.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Verifiability is mixed: entity, ownership, charges and debt are verifiable via Companies House; traction and social metrics are company-reported and unaudited.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Several figures are internally inconsistent (revenue claim vs filings; gym count; stated ownership vs registry), which is reflected in the lower scores for Traction, Financials and Governance.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Because traction, financials and governance rest on limited or single-source data, those categories were capped accordingly and not scored above their evidence supports.</span></span></li> </ul> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid #c9c9c9; border-left:1px solid #c9c9c9; border-right:1px solid #c9c9c9; border-top:1px solid #c9c9c9; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Memo generated by AI from public information and platform-disclosed company materials. Investors must perform their own due diligence. Past fundraising or operational performance does not guarantee future results. Crowdfunding investments are illiquid, high-risk, and capital loss is possible.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p>
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Platform offering this project
Crowdcube GB
Risk Level
Hoog
Return Level
Hoog
Risk Return Level
Good
Minimale investering
GBP 10
Gefinancierd
GBP 1357,04M
