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F45 gym franchises close across Australia in another devastating blow for the fitness empire

VitaminPedia.com by VitaminPedia.com
October 20, 2023
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By Eliza Mcphee For Daily Mail Australia

Published: 04:26 BST, 20 October 2023 | Updated: 04:48 BST, 20 October 2023

Struggling fitness chain F45 has suffered another blow with many franchises closing their doors in Australia – and more about to face the chopping block.

The Opulent Group, one of F45’s biggest franchisees, has shut down at least five gyms in Sydney, four in the southern suburbs of Kogarah, Kirrawee, Caringbah, Miranda, and one in Balgowlah, on the northern beaches. 

F45 Training Parramatta CBD in Sydney, F45 Training Bayswater North in Melbourne, and F45 Training Devonport in Tasmania are all set to close. 

Earlier in the year, branches in Wollongong including in Bulli and Corrimal, as well as Zetland in Sydney, shut their doors.

Two Victorian branches were also closed, including those in Port Melbourne and South Yarra.

Struggling owners have even taken to Facebook to sell some of their gym equipment. 

F45-branded fitness equipment, including kettlebells, benches, and dumbbells, is being sold on Facebook Marketplace for as low as $3.

F45 gym franchises close across Australia in another devastating blow for the fitness empire

The F45 Training Bayswater North, in the city’s east, collapsed into liquidation on Sunday

F45’s CEO Tom Dowd, who was appointed in March this year to turn the troubled training company around, last month told Daily Mail Australia they were not fazed about reducing their network.

‘We are prepared to shrink to grow,’ he said.

‘Closing unproductive locations to add value to existing studios strengthens our system.

‘An important aspect of our real estate strategy is to avoid over-saturation.‘

F45, which started in 2012 with one gym in Sydney, grew to having 1,555 studios and 2,801 franchises across 63 countries by mid-2021. It aimed to ultimately have 23,000 studios worldwide. 

Hollywood actor Mark Wahlberg invested $450million in the business and celebrated its New York Stock Exchange (NYSE) float with Australian co-founder Adam Gilchrist in mid-2021.

The branch, which still says it's open on Google and charges members $60 a week, was once crowned the best studio in its division and its Instagram bio reads 'more than a gym'

The branch, which still says it’s open on Google and charges members $60 a week, was once crowned the best studio in its division and its Instagram bio reads ‘more than a gym’

That financial backing put Mr Gilchrist – who is not the famous cricketer of the same name – on the Australian Financial Review Rich List.

A year later, the ‘world’s fastest-growing fitness business’ worth more than $2billion dollars fell off a cliff.

In August 2022, the gym’s share price collapsed from $17.28 to just $3. It has continued to fall, with the shares having traded for less than $1 since April. 

Meanwhile, at least eight class actions have been launched in the US against F45 related to the NYSE float alleging ‘possible securities laws violations and/or breaches of fiduciary duties’. 

Pictured: F45 gear available for sale on Facebook marketplace earlier this year. Benches, kettlebells and dumbbells are also for sale

Pictured: F45 gear available for sale on Facebook marketplace earlier this year. Benches, kettlebells and dumbbells are also for sale

Hollywood star Mark Wahlberg was an early US investor in F45

Hollywood star Mark Wahlberg was an early US investor in F45 

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F45 gym franchises close across Australia in another devastating blow for the fitness empire

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