Morgan and Ben Francis were school friends. They set up Gymshark in 2012, aged 20, while at university.
In 2016 Morgan made a partial exit to focus on other ventures. These are the property developer Ernest Cole and the fashion label Maniere De Voir. He kept 20% of Gymshark.
His 20% holding was worth about £250m on paper at the £1.25bn valuation set in August 2020.
In August 2020 General Atlantic bought 21% of Gymshark for £275m, valuing the company at £1.25bn. Gymshark reported revenue of £646m in 2025.