A Nuneaton gym has been placed into Liquidation, appointing Midlands based Accountancy and Business Advisory firm Smith Cooper to deal with the business and its assets. Dean Nelson and Nick Lee were appointed joint liquidators on 2nd February 2018.
Following a decline in the company’s turnover amid increasing competition in the local area, Smith Cooper was instructed to commence the process, placing the Company into Creditors Voluntary Liquidation.
The Company ceased trading in January 2018, and all employees were made redundant. Ultimate failure was attributed to reduced turnover due to significantly increased competition in the local area and insufficient turnover to discharge accrued liabilities.
Dean Nelson, Head of Business Recovery and Insolvency at Smith Cooper comments “Creditors have been provided with the relevant information regarding the liquidation process, to enable them to partake in proceedings. We are in the process of dealing with all enquiries and will strive to achieve the best outcome for all involved parties.”
Smith Cooper advises any members of the gym cancel their standing order mandates for their gym subscription immediately if they haven’t done so yet. If not, these funds will continue to be paid to the company’s bank account, which cannot be refunded, and will constitute an unsecured claim in the Liquidation.
If you have been affected by the liquidation of Focus Fitness and have any queries, please contact Connor Gratton at email@example.com