Derrimut 24:7 Gym founder Nikolaos Solomos has placed the largest company in his struggling fitness empire into administration, days after billionaire Adrian Portelli withdrew from a rescue deal.
In a message to staff on Thursday, November 6, Solomos said the decision was “not made lightly” but was a “proactive step to restructure, protect jobs, and position the business for a stronger future.”
He assured employees they would continue to be paid weekly and that all 26 gym locations would remain open.
The chain is estimated to owe nearly $30 million, with debts to the Australian Tax Office, landlords, suppliers and other creditors.
The ATO has been pursuing $15.4 million in unpaid taxes, superannuation and…