The Australian fitness group has secured a $US90 million debt facility to help re-organise its finances and stem the widespread closure of struggling gyms.
F45, the Australian fitness franchise now based in the United States, has appointed early investor Tom Dowd as chief executive, and secured a $US90 million debt facility to help the company reorganise its finances and stem the widespread closure of struggling gyms.
F45 sells franchised gyms that broadcast 45-minute circuit training workouts through a centralised program, although nine fitness centres in Australia have collapsed into liquidation since last July.F45 won’t be the first time Mr Dowd and Mr Wahlberg have worked together. Mr Dowd built a career at New York Stock Exchange-listed GNC Holdings, a sports supplement business, and co-founded another sports nutrition business with Mr Wahlberg called Performance Inspired.
Franchises across Australia in suburbs like Newstead in Brisbane, Mount Barker in South Australia, Yeppoon in Queensland and Sunshine, South Yarra and Port Melbourne in Victoria have been placed into administration.
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