Digme Fitness Limited (09631514): administration
- Status
- Administration ended
- Administration began
- 2022-02-16
- Administrators
- Christopher James Farrington, Simon Jagger
- Administrators' firm
- ReSolve
- Formerly
- Digme Cycling Limited
- Incorporated
- 2015-06-10
- Location
- London
- Industry
- 93130 Fitness facilities
Why it went into administration
- COVID-19
- Property / lease costs
From the administrators' statement
Digme Fitness Limited was initially incorporated in June 2015 to provide pay-as-you-go fitness services, including yoga, HITT and indoor spin classes, and soon expanded to offer services at six sites, including one in Oxford.
After a several years of trading, Digme Fitness Limited was profitable and in January 2020 it went on to secure an additional two leasehold sites (at Covent Garden and Coleman Street) through an acquisition of what is now known as Digme Denali Holdings Limited. This expanded the number of studios from which Digme Fitness Limited operated, from six to eight, however Digme Fitness Limited continued to operate as the principal trading company.
In order to fund the acquisition of the Covent Garden and Coleman Street sites, Digme Fitness Limited issued a £1.9m Secured Convertible Loan Note in January 2020, secured by the debenture registered at the same time. Based on the trading forecast it was envisaged this would be repaid in the summer of 2020 via a new equity raise following the anticipated launch of Digme Fitness at these new sites.
Administrators' statement of proposals (2022-03-02) · Companies House register