Popular gym chain Derrimut 24:7 has entered administration after Adrian Portelli backed out of a deal with founder Nick Solomos.

Mr Solomos assured employees they would not experience disruption after he appointed administrators to the largest company within his fitness empire.

Fans of The Block will recognise the Melbourne-based gym owner from the 2024 auction, where he was seen standing alongside Mr Portelli in a tense bidding war.

In an all-staff bulletin, the business framed the move as one that would ensure the longevity of the gym chain.

“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,” Mr Solomos wrote in the letter seen by The Age.

Memb

See Full Page