A Melbourne billionaire, Adrian Portelli, has once again expressed his desire to rescue the struggling Derrimut 24:7 Gym empire. This comes as a surprise, considering he had previously backed out of a similar bid just days ago. Portelli, with his half a million Instagram followers, has made it clear that he aims to "buy the whole lot" and "put a stop to the sharks" circling the business.
In a recent interview with The Age, Portelli confirmed his formal expression of interest to HM Advisory, the current insolvency firm managing the gym's affairs. He emphasized his disagreement with the previous owners' business practices, stating that he is not willing to risk his reputation and millions of dollars. Portelli's bold statement, "I wouldn't be opposed to buying the whole f---ing lot," has sparked curiosity and controversy.
The gym empire's founder, Nick Solomos, appointed an administrator to the largest company within the fitness empire, as revealed by The Age. This move was followed by an all-staff announcement, assuring employees that it was business as usual, despite the estimated $30 million in debts.
Portelli's interest in the gym is not new; he had previously negotiated to take over the company, sharing his intentions on social media. He had even offered to assist in paying off debts and keeping the doors open for staff and members. However, the process faced hurdles, and Portelli felt he was being "mucked around."
With the gym now in administration, Portelli sees an opportunity to step in and save the gym, describing himself as a "bargain hunter." He believes he can clean up the business and remove its "bad boy image." Portelli's personal connection to the gym, having grown up in the area, adds an emotional layer to his desire to rescue it.
"I can get in there and I know I can save that gym. That gym originated from the west, where I was born. I want to preserve its legacy," Portelli said.
While there are other interested parties, Portelli remains confident, stating, "I'm down for a discount." He assures members that there will be no changes if he acquires the business, but he hopes to maintain the gym's presence in the community.
The original Derrimut 24:7 Gym, founded in 2010, holds a special place in Melbourne's north-western suburb. Portelli's potential takeover has sparked a debate: Can he truly save the gym, or is this a risky move that may lead to further complications? What do you think? Share your thoughts in the comments below!
