Directors of three failed F45 gyms in brisbane and on the gold coast have blamed a ‘global decline’ in the franchise which plunged their businesses into administration owing $2.3m.
A Brit on the Gold Coast has shared the weirdest thing about her local gym, that could never happen in the UK.
Fitlink Beenleigh, Fitlink Bundall and Fitlink Browns Plains, operated F45 gyms which had reportedly closed by December 2022, but only went into voluntary administration last month.
They join multiple other gyms in the popular chain which closed in recent years amid financial turmoil across NSW, Victoria and Queensland.
A report lodged with ASIC on Friday said the Beenleigh, Bundall and Browns Plains F45 gyms owed up to about $2.1m in total estimated debts to creditors, including $171,578 owed to the Australian Taxation Office and about $10,264 claimed by accounting firm DLA Partners (Qld).
Most of the debts were to related parties, comprising loans between the gyms and their parent companies, the report from administrator Lee Crosthwaite of Worrells said.
There was about $1.2m in secured debts to the parent entities, owned by Fitlink directors Joseph Barbagallo, Steven Goodall and Mathew Walker.
F45 Beenleigh was one of three gyms…