I feel the 'P' is a bit lost. Looking at the thumbnail or doing the usual lean back, turn my head a bit and half shut my eyes (we all do it) it just looks like A T.
Maybe reverse the P or perhaps it just needs a bit more work on that middle area as a lot of people may not recognise the kettle bell shape. I also agree about the distressing on the letters, it doesn't bring anything to the design.