In what’s being described as a “swift exit” Gymshark’s chief financial officer Mat Dunn has departed the fast-growing gym-focused sportswear business after two years the post.

Dunn joined the Solihull-based company in December 2022 from digital fashion retailer ASOS where he was chief operating officer and chief financial officer.

In a Companies House update this week it was revealed Dunn was no longer a director. There was no explanation for his abrupt departure or where he is heading next.

A Gymshark spokesperson only confirmed to City AM that “Mat Dunn was employed as chief financial officer from December 2022 to November 2024. During that time, Mat was instrumental in evolving our finance and commercial functions, and we thank him for all he contributed”.

Dunn’s departure comes after Gymshark revealed revenues jumped from £484.4 million to £556.2 million for the year to 31 July 2023, although pre-tax profits slipped to £13 million from £27.8m in the prior 12 months.

However, core earnings (EBITDA), excluding exceptional costs, increased from £39.9 million to £45.3 million with Gymshark saying this was a more focused measure “due to its proxy for underlying trading performance”.

Those results were published in February and latest accounts aren’t due to be filed with Companies House until the end of next April.

In 2020, Gymshark was valued at more than £1 billion when US private equity firm General Atlantic acquired a 21% stake. It has since ventured into physical retail with a flagship store on London’s Regent Street and Westfield Stratford City, helping further boost its public profile. In July it announced it was to embark of a UK and international store opening spree.

In Europe, the Netherlands, France and Germany are Gymshark’s “fastest-growing regions” although the business will focus on its UK store rollout and conquering the US with the help a New York City pop-up store in the next 12-18 months, before taking on new territories.