Trib3 Bristol One Limited (12550830): administration
- Status
- Administration ended
- Administration began
- 2023-05-02
- Administrators
- Alan David Fallows, Alessandro Sidoli, Peter James Anderson
- Administrators' firm
- Xeinadin
- Incorporated
- 2020-04-07
- Location
- Manchester
- Industry
- 93130 Fitness facilities
Why it went into administration
- COVID-19
- Funding withdrawn / unable to refinance
- Rising costs / inflation
- Energy costs
- Property / lease costs
From the administrators' statement
The Company was incorporated on 7 April 2020 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 store opened in Bristol in September 2020 at the address of Courtrooms, Rupert Street, Bristol, where a lease was signed to rent the premises. An investment of circa. £398,000 was spent in refurbishing the premises which was financed by shareholder equity, shareholder loans, an aggregator’s (Class Pass) credit line as well as hire-leasing from Close Brothers, Latitude & Admiral. The store opened in the midst of the COVID pandemic and was unable to generate sufficient turnover especially as it had to close for more than 6 months and also operate under reduced capacity restrictions in what was primarily a neighborhood populated by students and companies. The store failed to achieve breakeven resulting in negative cashflows which were financed by the shareholder. In 2022, despite the removal of COVID related restrictions, and management stimulating demand with promotional offers and discounts on memberships, revenue has yet to achieve break-even levels. This situation was exacerbated by inflationary costs and dramatic increases in energy costs. The store was cash-flow negative with a loss of £115,000 in 2022 with shareholders no longer in a position to finance monthly deficits in …
The shareholders could no longer continue to finance the negative cashflows and therefore the Directors sought insolvency advice.
Administrators' statement of proposals (2023-06-28) · Companies House register