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PRODUCT NEWS
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| Jonathan Fisher takes the reins at TRIB3 as company restructures after £10m liquidation |
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| 19 Feb 2023 . BY Liz Terry |
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| Jonathan Fisher is taking over as executive chair of TRIB3 following the restructure / TRIB3 |
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Boutique operator TRIB3 is restructuring to refocus on international growth and franchising. The company will move out of direct operations and consolidate its global headquarter in Barcelona.
An insolvency practitioner – Kay Johnson Gee Corporate Recovery Ltd – has been engaged to manage the closure of the current head office in Manchester and the transfer of its four UK corporate clubs to franchisees under a pre-pack agreement. TRIB3’s Manchester club will close permanently.
TRIB3 International Ltd had accumulated losses of £4,058,871 at 31 December 2021 and a recorded a further loss of £5,564,464 for trading between 1 January 2022 and 3 April 2023 when insolvency practitioners recorded total losses at £10,042,158 for the business as it went into liquidation, with £4,322,194.42 of creditors.
UK Franchise locations are unaffected and will be supported by the head office in Spain going forward.
Founder Kevin Yates told HCM that having two administrative centres has become increasingly untenable.
As part of the restructure, Yates will relinquish his leadership role to owner Jonathan Fisher, who will helm the global business going forward as executive chair. Yates will take up a new post leading international franchise growth for standalone locations, territory agreements and box-in-box solutions.
Fisher said “TRIB3, as a brand and franchise, has seen good growth, despite the backdrop of macro-economic pressures. It has become clear that to support this growth we must refocus our resources by moving to an integrated single support centre for franchisees.”
Fisher, is the majority shareholder of TRIB3, along with his industry-veteran father, Allan Fisher and Rob Barker, ex-CEO of Precor, through their investment house, TRIBUTE.
The brand has also had financial backing from investors Jordy Kool and Marjolijn Meijer, chair and vice chair of Dutch operator, Urban Gym Group who remain on board.
The top team will be bolstered by the addition of Jordi Bonich as CEO for Spain. Bonich, who formerly led operations for Holmes Place Spain, will drive growth in the Spanish market.
In the last year, Yates says the company has seen strong growth in European markets such as Spain and the Netherlands and has signed box-in-box agreements with club operators in Portugal, meaning it sees potential for growth in the Eurozone.
TRIB3 has recently opened two locations in Amsterdam and has another opening soon in Dublin, marking the brand’s entry into the Irish market. There are also two new locations coming to Barcelona in Q1 and Q2 2023, expanding the network in Catalonia to five.
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