Known as Hydrilla since September 2020 - see www.ausleisure.com.au/suppliers/hydrilla-pty-ltdread more
Fernwood Loganholme franchisee goes into liquidation with $1 million debt
The popular Fernwood Fitness Loganholme gym on Brisbane’s southside - which has about 1300 female members - has been placed in liquidation after a restructure of the owning entity failed to see the business trade itself out of debt.
Busterboo Pty Ltd trading as Fernwood Fitness Loganholme has gone into liquidation after spending exactly three months under administration.
Administrator David Ingram recommended to creditors the company be placed in liquidation, with the director unable to secure re-financing of the business.
As reported by Brisbane newspaper The Courier-Mail, five secured creditors are owed $803,350, according to the administrator’s report.
Six employees at the women-only gym are owed $29,824 and seven unsecured creditors are chasing $263,084.
How much is returned to creditors has not yet been determined and the club remains open.
A spokeswoman for national franchisor Fernwood Female Fitness said despite the liquidation the Loganholme club remained a “buoyant and successful business”.
The spokeswoman added “Fernwood, is currently assisting administrators with the sale process.
“There are already a number of interested buyers who have been approved by Fernwood, with finalisation of new management expected in the near future.”
One offer to purchase the business was rejected when the company was in administration.
About 10 employees work at the club, five of those are full time.
In August 2018, the company owed $593,479 to the Australian Taxation Office (ATO) in unpaid taxation and superannuation dating back to June 2012.
The ATO applied to wind up Busterboo in September 2018.
The company took a $243,461 loan with Magnolia Capital in February this year to pay the ATO.
The spokeswoman said Fernwood had a long-term future in Loganholme, with a head lease on the property signed until 2027.
She added "we therefore look forward to working with new franchisees in continuing to provide a wonderful exercise and wellness space for the women of Loganholme."
23rd September 2019 - Operators of Fernwood Loganholme enter administration owing $1.1 million
18th July 2019 - Belgravia Group steps in to avert Jumps swim schools liquidation
7th June 2019 - F45 Training takes on direct operations of Gold Coast facility
24th January 2019 - Embody gym liquidation sees creditors lose $3.8 million
15th December 2016 - Fernwood Fitness surpasses fundraising goal with $128,291 donated to BCNA
29th November 2016 - Fernwood Fitness to partner Melbourne women’s AFL club
10th November 2016 - Fernwood Fitness reaches halfway point in Breast Cancer fundraising
23rd June 2015 - One in four fitness club members would pay more for single-sex gyms
Asking a small favour
We hope that you value the news that we publish so while you're here can we ask for your support?
The news we publish at www.ausleisure.com.au is independent, credible (we hope) and free for you to access, with no pay walls and no annoying pop-up ads.
However, as an independent publisher, can we ask for you to support us by subscribing to the printed Australasian Leisure Management magazine - if you don't already do so.
Published bi-monthly since 1997, the printed Australasian Leisure Management differs from this website in that it publishes longer, in-depth and analytical features covering aquatics, attractions, entertainment, events, fitness, parks, recreation, sport, tourism and venues management.
Subscriptions cost just $90 a year.
Click here to subscribe.
The Complete Guide to Leisure Industry Products & Services.
As of the 1st July 2018, Enta Australasia Pty Ltd/Best Union has been rebranded as Vivaticket Pty Ltd. Vivaticket is the ideal strategic partner for the organisation and management of your…read more
Hydrocare Pool Services Pty Ltd offer 30 years of experience in aquatic industry features, products and water treatment. Hydrocare Pools has undertaken water treatment for aquatic centres and…read more
We are Aussie Strength. The ultimate supplier for Commercial Gym Equipment that's built to deliver in the toughest environments. From USA-Built hardcore weight training equipment from Arsenal…read more
Compliant chemical storage and decanting solutions. Includes spill kits, spill containment pallets, chemical decanting decks and safety shower and eyewash equipment. See our full range of solutionsread more
Augmented Creative is an open organization of like-minded and highly dedicated, creative people who conceive, plan and execute visual solutions. We pursue new and innovative visual ideas to help…read more
get listed with our suppliers directory
Get your business noticed in our targeted directory. Viewed by 10,000 industry professionals per week!