Embattled fitness franchise F45 declined to say whether Mark Wahlberg and company co-founder Adam Gilchrist are among shareholders looking to take the group private.
Lucrative deals with celebrities such as David Beckham,Greg Norman and Cindy Crawford were key to F45’s aggressive US expansion. But they also cleaned out the company’s coffers.
F45 executives say the embattled Australian fitness franchise has the support of its financiers and has enough liquidity and will generate enough cash flow to stay afloat.
F45 co-founder Luke Istomin is the director of a company that went bust owing more than $2.6 million,including $363,000 to staff.
F45 wanted to be the world’s biggest franchisor - surpassing even McDonald’s. But now its ambitions have hit a wall.
The embattled Australian fitness group F45 will hold a conference call with its franchisees later this week to discuss the problems afflicting the parent company.
Luke Istomin says a combination of COVID and F45’s rash expansion plans - backed by celebrity investor and board member Mark Wahlberg - may have been its undoing.
The global ambitions of Aussie fitness group F45 have taken a body-blow with a crushing downgrade that prompted its CEO to depart,with nearly half of its workforce to follow.
The property,which borders on the absurd with its grandeur and sheer size,was built by “Marky Mark” and his wife Rhea Durham in 2014.
The treasure hunt adventure-comedy film Unchartered is betting on the charisma of the Spider-Man star and not much else.
The backers of Australian founded F45 Training are set for a big payday with the fitness giant listing on the New York Stock Exchange.