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Topnotch Health Clubs goes into administration

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Topnotch Health Clubs, the fitness club operator which floated three years ago, has been put into administration after failing to complete restructuring talks.

The company, which suspended trading shares on AIM last month, was forced to appoint RSM Robson Rhodes after negotiations with landlords on a number of new clubs failed.

The move comes almost a year after the company said it had breached its banking covenants. Since then Topnotch has sold off a more than half its clubs in an effort to reduce debt.

The company’s demise has also been attributed to rapid expansion. It pursued an aggressive rollout programme following its floatation in March 2000, which saw the chain expand from six sites to 20 in just under two years. There are now nine sites in the company’s portfolio and it employs 132 staff.

Mike Oldham, partner at RSM Robson Rhodes, said he hoped to sell the group as a going concern: “I do not anticipate any club closures and expect in the short term to maintain member services at all clubs.”

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Topnotch Health Clubs, the fitness club operator which floated three years ago, has been put into administration after failing to complete restructuring talks.
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