Derrimut 24:7 Gym founder Nick Solomos has appointed administrators to the largest company within his floundering fitness empire, just days after billionaire businessman Adrian Portelli backed out of a lifeline deal.

Employees were informed on Thursday in an all-staff missive, seen by The Age , that stressed that it was business as usual for the gym chain, which is estimated to have racked up a near $30 million debt pile.

“This decision was not made lightly, but it represents a proactive step to give us the best possible opportunity to restructure, protect jobs, and position the business for a stronger future,” Solomos wrote.

All staff will continue to be paid weekly, and members will still have access to all of its 26 gym locations, he said.

Solomos also said a new investor had jo

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