Jetts Sydney gym declared insolvent

The Jetts gym in Sydney’s Haymarket is among a rising number of business failures recorded in November.

NSW recorded 132 businesses in the state becoming insolvent last month, the highest number in Australia.

The Jetts Haymarket gym, one of the largest in the Sydney CBD and a once-popular exercise location, was forced into liquidation owing creditors over $1.1 million.

The gym, which has seen its customer base reduced by the combination of lockdowns and an erosion of the student population in the central city area, shut its doors weeks ago.

The franchisee had been looking for a buyer to rescue the business, but no prospective owner wanted to acquire the sprawling site on Elizabeth Street.

The liquidation now sees creditors impacted by over $1.1 million in debts, with the Jetts master franchisor, the commercial landlord and the Australian Taxation Office owed the largest amounts.

The liquidator, BCR Advisory’s Director Dane Skinner, said he was seeing lots of businesses approaching BCR Advisory that were on the edge pre-pandemic, telling Sydney newspaper The Daily Telegraph “things haven’t improved for them and now they’ve whittled down all the government benefits and the relief they’ve had and now they’ve got no other option apart from to speak to insolvency practitioners about their options.

“The suburbs are really doing well, (but) the CBD has been hit hard."

Image: Jetts Haymarket.