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Fitstop Australia co-founders to split
Reports suggest that Peter Hull and Richard Bell, the co-founders of the fast-growing Fitstop Australia brand are to separate the business with Bell to leave the franchise.
Having started the business in a Brisbane garage, then opening their first studio in Morningside in 2017, the franchise has now more than 42 franchised facilities across the country.
Having secured $1.4 million in investment funding in early 2019, the innovative gym concept then engaged Stuart Cook, the former head of fast-food group Zambrero, to serve as a Director and company Chairman nearly two years ago.
Hull came to the business via a background as a personal trainer, while Bell is a Sydney-based investor through his company Business Leaderz Group Pty Ltd.
The two met through a business education program and subsequently launched their functional training concept, which included group classes that combined strength, high intensity and cardio elements, as well as nutritional advice and multi-week challenges.
As reported by City Beat in Brisbane newspaper The Courier-Mail, Bell confirmed that he is now in the process of exiting the business, suggesting that that Bell, who remains a shareholder in Fitstop, will leave with a payment of nearly $500,000 to be paid in instalments over several years.
City Beat indicated that there had been a dispute over Fitstop’s contract with Bell’s firm to provide training to franchisees in person
Acknowledging only that “differing opinions’’ had arisen ahead of his decision to leave, Bell stated “for us, I think the strategic vision for the business may have differed.
“I think it’s an incredible company with amazing franchises and I wish Peter and the team all the best.’’
Hull, who did not comment on the split, hinted at “some really exciting things’’ ahead for the business saying it aims to open another 40 franchised gyms this calendar year.
Image: Fitstop co-founder Peter Hull.
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