17/01/2024
It is with profound sadness that we must announce the closure of the gym, effective immediately. Taking over of the business in February last year included the commitment to take on some of the debts from the previous establishment. Unfortunately, the delayed reopening due to issues with Scottish Power resulted in delayed repayments, and the accumulating debt persisted as we awaited the green light to open.
Upon reopening, we started with just 49 active members. We have worked hard to get this number to 284 members as of yesterday, only 16 members away from our break-even target as a business. Despite making the minimum payments to our creditors during this growth period, the combined burden of debts incurred between February and July, along with those inherited from the previous business, has proved too much. Consequently, the landlords have opted to foreclose the business.
The lack of support from the landlords has been challenging. Our inability to trade over the first 5 months due to the building being without electricity was not adequately acknowledged, and communication with them has been difficult. Despite being on the cusp of initiating debt repayments, with other major creditors cooperating to create manageable repayment plans, and with grants in the application process to fortify the business, external forces have led to this painful decision.
The most painful aspect is not only being SO close to being able to make regular repayments of these debts (eventually leading to us profiting as a business) but also the tremendous effort our dedicated staff invested in rebuilding the business. Our staff and our valued members have, time and again, been let down by circumstances beyond our control.
After enduring the trials of the past few years, striving to make this business viable and pouring in copious amounts of time, energy, money, sweat, and tears into reopening last year, the forced closure is heart-wrenching.
Over the next week, we will proceed with cancelling all memberships and issuing refunds. We sincerely apologise for any inconvenience caused and express our deepest regret that it has come to this.
Thank you all for being a part of the Fierce Fitness community.