When Todd Ingledew joined Steve Nash Fitness World and Sports Club in January 2011 as its chief financial officer, it was safe to say the company was in need of an overhaul. Much like a trainer that might help a new client shed pounds, gain confidence and revamp his or her life through fitness, Ingledew was instrumental in helping his new employer change paths.
“I came into an organization, speaking fairly candidly here, that was poorly run from
a financial perspective,” said Ingledew. “Pretty much everything was paper-based at the club, whether it was payroll or even the membership contracts, which were handwritten.
“Their first audit, which they did about a month after I’d arrived, took about eight weeks of field work.”
So Ingledew got down to business, transforming the company’s information technology system, revamping its financial reporting and helping secure five new club locations, three of which have already been built. What emerged was a new and improved company, a leaner version of the business, which originally started in 2007 with the opening of its Granville Street club.
That was the year that fitness club owners Mark Mastrov and his partner Leonard Schlemm –who together founded 24 Hour Fitness – joined with Nash to open the first athlete-branded fitness club in Canada.
In 2009 they acquired Fitness World from its founder, Henry Polessky, amalgamating the two brands under one roof. However, it wasn’t until they brought in people like Ingledew that they were able to streamline the company’s inner workings. Schlemm, who is the company’s CEO, said Ingledew was an instrumental part of the overhaul.
“In his time as CFO, Todd has taken the organization to a whole new level of professionalism, improving how the business is run as well as reinforcing our credibility through his ability to analyze financial information to help guide strategic decision-making,” Schlemm said.
“Todd plays a key role in gaining investor confidence.”
Prior to joining the company, Ingledew was with Intrawest, where he started in 2001 as a financial analyst. Working for the North American mountain resort and adventure company that ran Whistler Blackcomb allowed him to accelerate his career, and by 2007 he was vice-president of operations finance.
This meant Ingledew had a front-row seat for the sale of the company in 2006 for $3.2 billion to a private equity firm. Ingledew said the experience he gained through his time at Intrawest was invaluable.
“That’s where I got my foundation for finance,” he said. “And I was lucky enough to learn from some of the best operational minds in the world.
“Intrawest was a world-class organization and was known worldwide for running fantastic ski resorts, and doing so profitably as well.”
However when the Steve Nash organization came knocking, Ingledew said it was an opportunity he couldn’t pass up.
“For my career it was a great stepping-stone into the executive suite, a CFO role where I knew I could make an impact. And that’s essentially what happened; I was able to come in and use all of my prior experience … and put it to use.”
Now with strong leadership supporting him, Ingledew said he wants to help the company take the next step in the ultra-competitive fitness market.
Right now the Fitness Industry Council of Canada is lobbying the government to make good on a campaign promise to offer tax breaks for adults when it comes to gym memberships.
The proposed tax credit would be available for up to $500 per person. The company hopes to capitalize on the workout craze by opening about 10 clubs over the next three to four years. There’s also talk of adding a different brand to the portfolio, which could mean another 10 clubs on top of that.
Before he joined the fitness company, Ingledew could be found skiing down the slopes during his downtime at Intrawest – a fitting hobby for someone who works for a ski resort operator.
Now that he’s ventured into the fitness world, Ingledew said he’s working out at the gym more often, but, like most people, he’s still a work in progress.
“I obviously don’t think I have the physique of one of our trainers,” he said. “But I’m determined to work on it like everyone else.” •
Todd Ingledew will be honoured at the BC CFO Awards gala dinner on June 2nd at the Fairmont Waterfront Hotel. For tickets and event info visit www.biv.com/events/cfo .
