Fri, 02 Apr 2021 | ADMINISTRATION
Total Fitness, a fitness group that owns 17 gyms across the north of England and Wales, has announced that it has entered into a company voluntary arrangement (CVA) after being severely impacted by COVID-19 lockdown restrictions.
The company, which will reopen all but one of its facilities, has appointed Tracey Pye and Richard Harrison of administration and advisory service KPMG to provide guidance as it seeks to avoid entering administration and explore its options moving forward.
In addition, a spokesperson revealed that Total Fitness has sought out the support of its suppliers and partners, including landlords, as it attempts to secure the future of the business.
The firm has blamed the COVID-19 pandemic for its financial issues, suggesting that it is facing similar problems to many other companies that have dealt with long-term closure as a result of lockdown restrictions.
"The COVID-19 crisis has been hugely challenging for many industries, particularly for those that have been closed for long periods of time, such as the fitness industry," the spokesperson added.
"Total Fitness is no exception to the impact of COVID-19 and is now seeking the assistance of all partners (landlords and suppliers) to support the strong, long-term future of the business by launching a CVA. We are being supported in this process by our owners and also by our advisors, KPMG."
Total Fitness first launched in 1993 on the Isle of Man but has since expanded across parts of England and Wales. Since June 2018 it has been headed by CEO Sophie Lawler. Commenting on the announcement, she said: "The cumulative effects of the lockdown restrictions have had a major impact on gym and health clubs across the UK.
"Total Fitness clubs have now been closed for eight months. With membership payments on pause, this means we are operating with very limited income and continuing costs."
View the latest distressed UK businesses here.
Established in excess of 25 years ago this business specialises in the hiring of marquees for all occasions, offering a complete package which includes marquees with windows and doors, linings, flooring, tables, banquet chairs, lighting, heating, pod...
LEASEHOLD
Well-Established Travel Agency. Double fronted ground floor premises with quality floor, hanging lighting. 2 desks etc. Cloakroom with w.c. & wash hand basin. First floor large storage area. Good trading position, sought after Hampshire Market Town.
LEASEHOLD
This long-established retailer, distributor and brand owner of well-known and trademarked inflatable boats and RIBS, supplies a diverse range of craft into the UK and international pleasure boating, performance recreational and commercial marine mark...
LEASEHOLD
|
22
|
|
Oct
|
96,000 sq. ft. Aberdeen office block up for sale for £19.5m | COMMERCIAL PROPERTY
Real estate and investment manager APAM Ltd has put the 96,0...
|
21
|
|
Oct
|
Firm behind unfinished £45m Liverpool student accommodation project collapses | ADMINISTRATION
Mount Group Student NatEx Ltd, the company behind the £...
|
21
|
|
Oct
|
Food importer acquired out of administration after succumbing to COVID and Brexit | BUSINESS SALE
Hull-based dried fruit and nuts importer Hider Foods has bee...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources