Commercial Aquatics Australia provides aquatic solutions nationwide and is one of the largest and most experienced companies specialising in the design, construction, renovation, service, maintenance…read more
Rapid Personal Training closes seven studios in Perth and Sydney
Insolvency firm Hogan and Sprowles has been appointed to manage the liquidation of personal training business Rapid PT, which employs three full-time staff and 17 contractors, and has 7 locations spread across Sydney and Perth. The business has ceased trading.
Established in 2012 by founder Kris Cochrane, Rapid Personal Training ran into difficulties after Cochrane realised that sales performance could no longer match outgoings, and he knew it was time to raise the end trading.
Cochrane told the SmartCompany website “we had big plans and big growth. We expanded into Western Australia and invested into strategies that were, honestly, a gamble.
“Things like extra staff, online infrastructure, things that cost money. “It was a matter of making decisions as a business owner without a great deal of experience, and without a realistic understanding of what would happen if things don’t go the way you want them to.”
The experience has been difficult for Cochrane, who admitted “it all happened so fast I didn’t see it coming. I was looking at the sales numbers, and for the first time ever I raised the white flag and said I wouldn’t be able to pull this off.
“As an entrepreneur, I’ve probably failed.”
While Cochrane is helping out the liquidators where he can, he says he’s “virtually unemployed” at the moment and hasn’t thought too much about the future.
He added “once I feel everything’s been handled appropriately, I’ll think about what I’ll do. I’ll probably stay in the industry, stick with what I’m good at.”
Rapid PT has closed its operations at seven locations, but trainers are likely to keep working after re-contracting to other gyms.
Rapid PT’s Facebook page has been shut down and the business’s website now displays only the Rapid PT logo.
Cochrane previously featured in SmartCompany’s 2016 Hot 30 Under 30, and at the time spoke about how he got his the personal training business off the ground.
After working as a personal trainer and sleeping in the storeroom of a gym in Sydney, Cochrane employed a team of trainers and built up a database of 150 clients within the first year of operating.
26th July 2016 - AVERAGE COST OF GYM MEMBERSHIPS $65 A MONTH
26th April 2016 - RULES FOR MANAGING PERSONAL TRAINERS FOR PROFIT AND PERFORMANCE
6th August 2015 - IS THE FITNESS INDUSTRY TURNING PEOPLE OFF EXERCISE?
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