Billionaire Adrian Portelli has submitted a formal expression of interest to acquire the debt-ridden Derrimut 24:7 Gym chain, following the appointment of administrator Stephen Dixon of HM Advisory.
Founder Nikolaos Solomos had previously sought Portelli’s help to stave off an ATO wind-up over a $12.53 million tax debt, handing control to Dixon earlier this week.
Portelli told The Advertiser he withdrew from an earlier rescue deal because he “couldn’t get a straight answer from anyone,” but now views the gym’s administration as a chance to “buy the whole f–king lot” and “save an icon, save jobs, save the brand.”
“I’ll be doing this, it’s not a money play,” he said, adding he is ready to bid against other interested gym owners.
The Federal Court adjourned a wind-up hearing to November 28, with creditors warning they had seen no evidence the chain could repay its debts. Portelli’s bid could now determine the gym’s future.
Source: The Advertiser.
