Gym’s unfit finances force liquidation
A Warwickshire gym has been forced into liquidation after struggling to compete with rival operations.
Nuneaton-based Focus Fitness had suffered a decline in turnover and had been left with no option but to liquidate.
Accountancy and business advisory firm Smith Cooper was appointed to deal with the liquidation earlier this month. Dean Nelson and Nick Lee acted as joint liquidators.
Focus Fitness officially ceased trading at the end of January 2018, at which time all employees were made redundant.
Smith Cooper said the ultimate failure could be attributed to reduced turnover due to significantly increased competition in the local area and insufficient turnover to discharge accrued liabilities.
Dean Nelson, Head of Business Recovery and Insolvency at Smith Cooper, said: “Creditors have been provided with the relevant information regarding the liquidation process, to enable them to partake in proceedings.
“We are in the process of dealing with all enquiries and will strive to achieve the best outcome for all involved parties.”
Smith Cooper said it had advised members of the gym to cancel their standing orders for their gym subscription immediately.
If not, it said these funds would continue to be paid to the company’s bank account, which could not be refunded and would go on to constitute an unsecured claim in the liquidation of the business.