Xercise4Less (Hull) Limited (08038683): administration
- Status
- Administration ended
- Administration began
- 2020-07-22
- Administrators
- Toby Scott Underwood, Robert Nicholas Lewis
- Administrators' firm
- PwC
- Incorporated
- 2012-04-19
- Location
- Leeds
- Industry
- 93130 Fitness facilities
Why it went into administration
- Parent or group failure
- COVID-19
From the administrators' statement
The Group was a leading nationwide operator of 51 value gyms, providing services to its members at sites throughout England, Wales and Scotland. The. Group employed over 400 people and its Head Office was based in Leeds. The Group had over 300,000 members across its various gyms. :
The Group was originally founded by Jonathan Wright as a single unit in Castleford, West Yorkshire. Wtight Leisure Limited is the main trading entity within the X4L Group, being Wright Leisure Topco. Limited and its subsidiaries, with some of the subsidiary companies holding leases for a small number of the gyms. A copy of the Group structure can be found at Appendix A. All entities in the Group are subject to administration, apart from Xercise4Less (Stockton) Limited which entered liquidation on 21 August 2019 and is unconnected to this administration process. If. you require any detail in relation to Xercise4Less (Stockton) Limited, you should contact the liquidators of that company.
The X4L Group was funded by a combination of secured term loans from Proventus and BGF, the outstanding amount being a combined c.£43m (c.£40m due to Proventus and £3m due to BGF (via a waterfall agreement with Proventus)). The term loans were secured against the assets of the Group pursuant to debentures containing fixed and floating charges dated 30 April 2019 (Proventus) and 30 October 2019 (Proventus and BGF).
Administrators' statement of proposals (2020-08-14) · Companies House register