A number of gyms in the UK say they are now performing well. Despite having racked up debts because of the pandemic, it appears that more people now want to improve their fitness and some believe going to a gym regularly can also improve mental health. One provider – Pure Gym – has said its membership is almost back to pre-pandemic levels.

Even so, there are still people who have concerns about exercising indoors and hygiene.  However, although some are sounding more bullish, there remain uncertainties. Gyms in city centres that previously relied on office workers may see reduced numbers because more are working from home. However, those in the suburbs may see growth as they are close to their customer base.

Here at Company Debt, we have significant experience in both closing and restructuring gyms. Get in touch for a free, no-obligation discussion about your situation with one of our licensed insolvency practitioners.

Gym Pressure Points

Location is a key factor
Debt has built up
Some will continue to exercise outdoors

What are the Reasons for Gyms Insolvency?

But, there is no doubt that some gym and health club chains remain under enormous strain. In April, it was announced that Total Fitness, which has 17 gyms, had entered into a company voluntary arrangement, because of Covid-19 pressures. It has now reopened all but one of its premises and the business is hoping to avoid administration. Meanwhile, Virgin Active secured court approval for its restructuring plan, which it said would save thousands of jobs.

Time will tell if government measures will be enough to save the UK’s many smaller independent gyms, but at present, it appears that renewed focus on health should ensure that there are growth or at least sale opportunities within the sector.

Help for your Insolvent Gym

If your gym is experiencing difficulties, you should not delay seeking advice. Business owners need to address problems and if they put this off, then their options become more limited.

Company Debt provides expert support and advice on the next steps for an insolvent business, whether rescue, recovery, or liquidation.

Knowledge – Insight – Solutions

We are fully licensed and accredited insolvency practitioners based in north London, and with decades of combined partner experience in helping directors find positive solutions to business challenges.

Our goal is first to understand your situation as fully as we can, and then to explain the range of options available to you.

We focus on practical advice, without jargon. We practice total transparency around costs and fee structures. Our wish is to support you as fully as possible so that you can emerge from this situation in the best possible situation.

As a first step, simply book in a call with one of our team to learn more about our approach, and to take advantage of a fee consultation that carries no obligation.

Book My Consultation

If you need an experienced insolvency practitioner or business rescue specialist, seek advice now.

  • Your free consultation will be led by one of our experienced London insolvency practitioners
  • You can speak via phone, online meeting or in person so that we can listen carefully to the facts about your situation
  • The team will provide a preliminary view of the likely best outcome, proposed strategy, and the likely cost
  • We specialise in helping limited comany directors needing immediate professional debt advice

 

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