Third Space’s CEO follows an 80/20 rule for eating out, competes in triathlons at 54-years-old and made startup investments he regrets

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Today Fortune meets Colin Waggett, the CEO of London’s hottest high-end gym, Third Space—perhaps better known as the spot where David Beckham and Prince Harry have worked out. Britain’s answer to Equinox has taken London’s luxury gym market by storm.

Despite only opening its first club in 2001 and having a hefty price tag of £220-to-£250 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). 

35,000+

Number of Third Space members.

But also, Waggett’s extensive industry experience: He was Fitness First’s CEO for over seven years before launching his own boutique gym, Psycle, which was acquired in 2014 for an undisclosed amount. 

Under his helm, Third Space has quadrupled in size when it comes to revenue and membership size. Last year, it secured an £88.5 million cash injection to help the brand scale up à la Equinox which has over 40 fancy fitness clubs across the pond. Although Third Space has only just opened its 11th club, it’s 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’s is personally on the lookout for new locations.

The finances

Fortune: What has been the best investment you’ve ever bought?

I invested in Third Space in 2015. I can’t tell you how much—but it is a great business.

The worst?  

I’ve done a handful of investments in startups that have gone bust…

Third Space set within the 23-acre Wood Wharf district:

Do you carry a wallet?

Not since Covid. Apple Pay all the way.

What personal finance advice would you give your 20-year-old self?  

Save a bit regularly, but back yourself. I’d 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’ve never met.

What’s the one subscription you can’t live without? 

Strava – can I have two? And Spotify.

Where’s your go-to watch from? 

My Garmin Fenix 6.

What’s your go-to work wardrobe?

Paul Smith, LuluLemon, Eton, Vulpine.

If you have children, what do your childcare arrangements look like? 

My kids are 21 and 18, so they can now pick me up from the pub when I need them to.

The necessities

How do you commute to work? 

I take the train from Winchester — it provides a very productive hour each way of reading, writing and thinking.

Save a bit regularly, but back yourself. I’d 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’ve never met.

How do you get your daily coffee fix?  

I love my Sage espresso coffee machine — 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. 

Do you have lunch al desko?    

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.

Just got to Canary Wharf for session at Third Space gym… pit stop at @NaturalFitFood 💪🏼 Very impressive! #NFF #ThirdSpace pic.twitter.com/zkwvvWENhT

— Jake Mallen (@_JMallen) October 19, 2016

How often in a week do you dine out versus cook at home? 

We eat in 5 nights and eat out 2. I am lucky my wife is a fantastic cook, and I tend to cook one night at the weekend. 

The treats

How do you unwind from the top job? 

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.

What’s the best bonus treat you’ve bought yourself? 

I always need another bike. My latest is the Pinarello F12. 

Take us on holiday with you, what’s next on your vacation list?

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’m 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 — I’ll 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!

Here at The Good Life you don’t have to imagine what life at the top looks like anymore: Get real-life inspiration for how the most successful live life. Dive into our other ‘The Good Life’ profiles.

Fortune wants to hear from European leaders on what their “Good Life” looks like. Get in touch: orianna.royle@fortune.com.