Trib3 Limited (09625656): administration
- Status
- Administration ended
- Administration began
- 2023-03-30
- Administrators
- Alan David Fallows, Alessandro Sidoli, Peter James Anderson
- Administrators' firm
- Xeinadin
- Incorporated
- 2015-06-05
- Location
- Manchester
- Industry
- 93130 Fitness facilities
Why it went into administration
- Funding withdrawn / unable to refinance
- COVID-19
- Rising costs / inflation
- Energy costs
- Property / lease costs
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 5 June 2015 by a group led by Kevin Yates, an experienced fitness industry professional. Having worked in a variety of companies providing gym and leisure centre services, Kevin Yates had been a pioneer in the establishment of the boutique fitness sector in the United Kingdom with a brand called 1REBEL. He incorporated the Company to commence a boutique fitness concept under the banner of TRIB3 offering specialised fitness classes. Boutique concepts were proving to be the fastest growing segment of the fitness sector at that time.
The Company opened its store in Sheffield in 2016 at leasehold premises at 557 Ecclesall Road, Sheffield. An investment of around £185,000 was used to refurbish the premises.
It took until the middle of 2019 for the Company to break-even and it started to generate a profit for the second half of 2019. At the start of 2020, the COVID-19 pandemic restrictions forced the Company to close its store and even upon opening again, it was forced to operate under a reduced capacity. This had a severe impact on cashflow which was financed by the shareholders of the Company and a Coronavirus Business Interruption Loan (“CBIL”) of £150,000, which was provided by Natwest Bank plc who also registered a fixed and floating charge.
Administrators' statement of proposals (2023-04-18) · Companies House register