HM Advisory’s Stephen Dixon has been appointed as administrator to Derrimut Gyms which includes three companies – Derrimut 247 Gym (VIC) Pty Ltd, Derrimut 247 Gym (SA) Pty Ltd and ACN 139 283 104 Pty Ltd. The latter is the Trustee of the Solomos Family Trust.
HM Advisory has confirmed more than 10 parties have lodged an expression of interest with the administrator to purchase the business and assets of the Derrimut Gyms. No details of the interested parties can be disclosed as they are in the process of signing confidentiality deeds.
The administrator is currently investigating the financial affairs of the companies and the impact for creditors and stakeholders generally.
HM Advisory understands debts total in excess of $40 million, however, the administrator will have a more definitive amount as he prepares for a potential Deed of Company Arrangement or a sale of the Companies’ business and assets.
The first meeting of creditors was held on Monday, November 17, where creditors were updated on the financial position of the companies and ongoing trading generally.
The creditors in attendance formed a Committee of Inspection with 10 members being nominated.
While HM Advisory continues to investigate the financial affairs of Derrimut Gyms, it will be business as usual at the gyms.
On Monday, November 17, Dixon was also appointed as administrator of an additional seven entities of the Derrimut Group.
