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Derrimut 24:7, one of Australia’s largest gym chains with 26 locations nationwide, entered administration Thursday after billionaire businessman Adrian Portelli withdrew from negotiations to purchase a stake in the struggling fitness empire. The company, founded by Nick Solomos, has accumulated nearly $30 million in debt, including $15.4 million owed to the Australian Tax Office in unpaid taxes, superannuation obligations, and penalties, according to documents filed with the corporate regulator.
Stephen Dixon, a partner at insolvency firm HM Advisory, has been appointed administrator for the gym chain. In an all-staff bulletin obtained by The Age, Solomos assured employees and members that operations would continue without disruption, with all locations remaining open and staff continuing to receive weekly pay. Solomos indicated he is working with an undisclosed new investor who will collaborate with administrators throughout the restructuring process. Portelli, known as “Lambo Guy” for his luxury car collection and appearances on reality television program The Block, announced his withdrawal on social media Saturday, stating that despite wanting to preserve “such an iconic name,” he and Solomos “couldn’t see eye to eye” on deal terms.
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