- Administrators appointed for Hustle Boxing
- Financial backers included Arthur Laundy and Mark Bouris
A once-popular gym chain backed by high-profile investors and which listed sports stars among its clientele has collapsed.
Hustle Boxing went into voluntary administration on Monday, six years after business partners Tim McGann and Simon Maree opened the first premises in sydney/index.html” id=”mol-559c2790-d55c-11f0-8cdb-e7c7284f7830″>Sydney‘s Potts Point, followed by a second gym in inner-city Newtown.
The chain, which promised ‘the most unintimidating boxing class in Australia’, expanded to brisbane/index.html” id=”mol-559aa0f0-d55c-11f0-8cdb-e7c7284f7830″>Brisbane‘s Fortitude Valley in 2022 before that gym went into liquidation just two years later.
BDO auditors Duncan Clubb and Andrew Sallway have been appointed as administrators ‘as a result of several unanticipated events that severely impacted the performance of the business’.
‘The current intention of the VA is to preserve the business by way of sale or recapitalisation,’ a BDO statement said.
‘In this regard the business is continuing to trade as usual whilst the…