An operating arm of ailing franchise brand JUMP! Swim School may have been trading insolvent for up to three years, an administrators report has revealed.
The report, obtained by Inside Franchise Business, was handed down to Swim Loops Pty Ltd (Swim Loops) creditors last week and details a long-list of issues relating to the brands franchising entities. Not the least of which being an unsecured creditor debt totalling $15.2m.
Administrator Glenn OKearney of GT Advisorys report said the companys financial failingscouldbe tracedback to poor management.
My view is that the companys financial position can be largely attributed to a lack of working capital and poor budgeting control in relation to both revenue and expenses, the re…
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