Derrimut 24:7 founder Nick Solomos has placed the largest company in his gym network into voluntary administration, days after a proposed rescue deal with billionaire businessman Adrian Portelli collapsed.
According to The Age, staff were notified on Thursday via an internal message, which emphasised that gyms would continue operating as normal despite the business facing debts believed to total almost $30 million.
“This decision was not made lightly, but it represents a proactive step to give us the best possible opportunity to restructure, protect jobs, and position the business for a stronger future,” Solomos said.
He assured employees that wages would continue to be paid and that members would retain access…