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Multiple F45 gyms collapse into liquidation with huge debts
Multiple F45 gyms have collapsed into liquidation in recent months owing upwards of $100,000 in debts as reduced memberships and the COVID-19 pandemic continue to take their toll.
F45 is a popular workout franchise consisting of 45-minute workouts with a mix of circuit and high-intensity interval training (HIIT).
At least five F45 gyms across Victoria, Queensland and South Australia – which are individually owned but franchise operated – have entered liquidation in the past six months, according to Australian Securities and Investments Commission (ASIC) records.
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B&T Advisory has handled the liquidation of two F45 franchises based in Newstead in Queensland and two other gyms in Stafford and West End which collapsed in November last year.
"All Companies ceased to trade prior to our appointments due to reduced memberships as a result of COVID-19 pandemic and government legislation," liquidator Murray Daniel told 9news.com.au.
"No assets were available upon appointment, with liabilities of approximately $100,000 per company, owing to the landlords and the Australian Taxation Office (ATO)."
9news.com.au has contacted the insolvency firms for the remaining F45 gyms listed for liquidation.
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A further two gyms in Victoria have also issued their intention to wind up business, ASIC records reveal.
It comes after the fitness industry took a major toll during the COVID-19 pandemic as gyms were forced to close during lockdowns, then tough number restrictions for classes and capacities were introduced as well as strict cleaning practices.
9news.com.au has requested comment from the F45 head office.
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