Trib3 (Leeds) Limited (10618164): administration
- Status
- Administration ended
- Administration began
- 2023-05-05
- Administrators
- Alan David Fallows, Alessandro Sidoli
- Administrators' firm
- Xeinadin
- Formerly
- Hlwkh 642 Limited
- Incorporated
- 2017-02-14
- Location
- Manchester
- Industry
- 93130 Fitness facilities
Why it went into administration
- COVID-19
- Rising costs / inflation
- Energy costs
- Funding withdrawn / unable to refinance
- Property / lease costs
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 14 February 2017 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 — boutique concepts were proving to be the fasting growing segment of the fitness sector at that time.
The Company opened its store in Leeds in September 2017 at leasehold premises in Wellington Street, Leeds city centre. An investment of around £340,000 was used to refurbish the premises. This was introduced by the shareholders and a credit from a company associated with the builder for an amount of around £200,000. The store achieved a break-even in its seventh month of operation and started to generate a positive cashflow during 2019. The COVID-19 global pandemic restrictions forced the store to close for over 6 months and even upon opening again, it was forced to operate under reduced capacity restrictions. This had a severe impact on cashflow which was financed by shareholders of the Company and a Coronavirus Business Interruption Loan (“CBIL”) of £150,000.
Once all restrictions had been lifted and the Company could work at full capacity, it struggled to return to pre-COVID-19 turnover despite promotional offers and discounts to stimulate this. The Company was making around 70% of its pre-COVID-19 turnover.
Administrators' statement of proposals (2023-06-15) · Companies House register