Latest News

Back to Latest News back

 

Operators of Fernwood Loganholme enter administration owing $1.1 million

Operators of Fernwood Loganholme enter administration owing $1.1 million
September 23, 2019

The company operating the Fernwood Women’s Health Club in the southern Brisbane suburb of Loganholme has entered administration, owing more than $1 million.

The popular gym, which remains open for its 1300 members entered administration on 5th August with Kathleen Vouris and David Ingram from Hall Chadwick appointed administrators to the owning entity, Busterboo Pty Ltd.

Ingram, in a report to creditors, has recommended the company be placed in liquidation.

According to the Courier Mail, in August 2018, the company owed $593,479 to the Australian Tax 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 tax office.

In March this year the loan increased to $509,118.

That month Busterboo paid $438,149 to the ATO to cover the outstanding liabilities.

Two months later the company failed to make a payment on the Magnolia Capital loan and was issued a default notice on 14th May.

According to Ingram’s creditor’s report, $752,736 is owed to Magnolia Capital.

Investigations reveal Busterboo also owes $258,207 to nine unsecured creditors, including $250,000 to the ATO in outstanding GST payments and penalties concerning its superannuation debt.

Employee entitlements total $29,824.

Busterboo held about $25,909 in a National Australia Bank account at the time of the administrators’ appointment and, according to Ingram’s report, has limited assets.

Memberships, personal training and merchandise sales were the main sources of the company’s $1.4 million in income last financial year.

Hall Chadwick has continued the process to sell the business, with expressions of interest received from seven parties and confidentiality agreements executed with three.

The creditor’s report noted “the director has not provided any explanation for the financial difficulties experienced by the company to date.”

Ingram believes undercapitalisation and inadequate cash flow were among the “key causes” of the company’s financial difficulties.

10 employees work at the club, five of whom are full time.

Images show Fernwood  Loganholme, which continues to operate.

Related Articles

18th July 2019 - Belgravia Group steps in to avert Jumps swim schools liquidation

1st May 2019 - Fitness Finance Australia partners with Ignite Fitness Sydney to promote business funding options

25th March 2019 - Government to pay wages to Embody gym’s staff

24th January 2019 - Embody gym liquidation sees creditors lose $3.8 million

29th January 2018 - Wanderlust Taupō yoga festival cancelled after organiser’s liquidation

27th July 2017 - Survey shows Fernwood delivers Australia’s most satisfied fitness club members

29th November 2016 - Fernwood Fitness to partner Melbourne women’s AFL club

21st March 2016 - Fitness magazine publisher in liquidation

24th June 2015 - Fernwood Female Fitness gains highest level of customer satisfaction among Australian gym chains

12th July 2015 - Medibank’s GymBetter expands with Fernwood Fitness and YMCA partnerships

5th March 2013 - Fernwood Fitness opens its doors to mark International Women’s Day


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.

 

supplier directory

The Complete Guide to Leisure Industry Products & Services.

See the directory see all

Vivaticket

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

Attractions / Entertainment / Sport / Ticketing / Venues

 
 
 

Jonas Leisure

JonasLeisure offers a complete range of leading leisure and recreation software brands – envibe, Centaman, Gladstone Health & Leisure, The Retention People, Nutrition Complete and…

read more

Aquatics / Billing / Fitness / Recreation / Sport

 
 

GLADSTONE MRM

Gladstone Health & Leisure (Gladstone MRM Pty Ltd Australia) is a leading supplier of leisure management and fitness software and is endorsed by leading health and fitness professionals and…

read more

Access / Billing / Fitness / Technology / Venues

 
 

Clubware

Clubware’s online gym software is not your run of the mill management system. It has been carefully designed to incorporate all the elements that a fitness club would need. How did we do that?…

read more

Access / Billing / Fitness / Recreation

 
 

WATERPLAY Solutions Corp

Whether your goal is increasing your centre's revenues or creating an engaging environment, why not add play to your project? If you're looking for stylish aquatic play features, kid-tested…

read more

Aquatics / Attractions / Play / Recreation / Waterparks

 
 

Goplay Commercial Playground Equipment

Goplay designs and manufactures specialised playground equipment for indoor play centres, hotels, food chains, clubs and resorts. If our years of experience and dedication have taught us one thing,…

read more

Play

 
 

PRIAVA

About Priava's Technology -  Priava is a cloud-based and centralised venue and event management system aimed at venues of all sizes. With its familiar and easy-to-use web interface, the…

read more

Attractions / Billing / Entertainment / Events / Technology

 
 
 
 

get listed with our suppliers directory

Get your business noticed in our targeted directory. Viewed by 10,000 industry professionals per week!

list your business