Gym chain 'hopeful' of turnaround
Published 18/02/2010 | 05:00
THE popular chain of Jackie Skelly fitness clubs is "optimistic" about its future after the High Court continued court protection for the business.
The court was told cash flows were improving and the chain of fitness clubs had received expressions of interest from nine potential investors.
Mr Justice Frank Clarke yesterday confirmed Kieran Wallace of KPMG as examiner to Map Dance Ltd, trading as Jackie Skelly Fitness, which employs 299 people in 10 clubs -- five located in Dublin and the rest in counties Meath, Wicklow and Kildare.
Counsel for Mr Wallace told the judge that 252 additional members had joined since the firm secured court protection earlier this month, helping the company's cashflow.
After hearing an initial report from the examiner, he commented that its prospects of survival had improved, with new membership sign-ups in the 10 clubs 52pc ahead of the figures budgeted for.
Responding to the examiner appointment, a statement from the gym company said it remained optimistic for the future of its clubs.
"The 18,000 members of Jackie Skelly Fitness have noticed no difference in the level of service since the initial interim examinership period began earlier this month," a spokesman said.
"Jackie Skelly Fitness looks forward to exiting examinership as early as possible."
The court heard previously the firm had made a small profit up to November last year but there had been a 15pc fall-off in membership since then.