Fitness Global Brand Management Limited (04770441): administration
- Status
- Administration ended
- Administration began
- 2020-06-23
- Administrators
- Philip Lewis Armstrong, Alastair Massey
- Administrators' firm
- FRP Advisory
- Formerly
- Energie Global Brand Management Limited; Energie Group Limited; Energie Fitness Clubs Limited; Swift Membership Services Limited
- Incorporated
- 2003-05-19
- Location
- London
- Industry
- 70229 Management consultancy activities other than financial management
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
On the 20 March 2020, the Government ordered all gyms to close to combat the spread of Covid-19 leading to gym memberships either being frozen or cancelled. The franchisees were, therefore, not receiving any income and therefore were not paying their fees to the Group.
Due to deteriorating financial performance the Group was coming under greater cash pressure and Bridges was unable to reach an agreement with RM with respect to funding requirements moving forward.
This culminated in RM issuing a notice against the Group dated 1 June 2020 demanding £8.2m following the filing of the first two NOIs (Event of Default).
Administrators' statement of proposals (2020-08-25) · Companies House register