This article was last updated on April 16, 2022
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Gym chain Fitness Fit was founded in 1993 in UK and now it is running more than 400 clubs globally, especially in Australia, Germany and UK.
Australian operations reported that there was a fall in the membership of about 16 thousand clients in 2010 which counted almost a drop of 5%.
The company is to put its 24 out of 97 Australian clubs up for sale to help reinforce its financial position. The struggling Fitness First has proclaimed to sell a quarter of its outlets as part of a major restructure of its UK parent company to reduce its liability of $890 million.
The clubs that are supposed to be closed are Lane Cove and Five Dock in Sydney and Nunawadding and Malvern East in Victoria.
Pete Manuel, the Managing Director of the company, has announced that the company is doing a strategic appraisal of their portfolio and there are 74 health clubs that would be continuing. He said “the 24 clubs do not fit our vision for the brand”. He added that it is the part of a restructure that would lead to a clear future for the company’s clients.
“All operators review their portfolios from time to time and this is overdue for Fitness First here in Australia” he said.
The closing gyms have already been intended to be bought by the rival companies informed by the manager.
An email was sent to the members of Fitness First saying that transformation of ownership would lead to a considerable investment in the company, which will bring improvements to rest of the clubs.
The complete list of club outlets to be sold is an accessible on the official Fitness First website’s Member FAQs section.
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