AN award-winning British gym is on the brink of administration after nearly 20 years in business.
The fitness group offers everything from Reformer Pilates to stretching classes and has been hailed as “fantastic” by attendees.
Ten Health & Fitness, filed a notice of intention to appoint administrators at the High Court this morning.
This notice helps businesses explore rescue options or protect them from creditors’ demands. It can offer some breathing space for troubled firms.
Ten Health said it is on the hunt for a buyer or investor to help secure its future.
The chain runs 10 boutique Pilates and physio studios across London, serving workers in the City and Canary Wharf financial districts.
The firm’s physiotherapy arm, Tenphysio Limited, has also lodged an identical notice.
The filings give the firm 10 working days to line up administrators, leaving its members and staff in limbo.
Justin Rogers, Ten’s non-executive director, told The Sun: “We are looking to find a buyer or investor to help secure Ten’s long term future and protect its people, clients and reputation for the future.
“Our preference and intent is that we do all we can to achieve this under a normal process.
“The filing will help us protect cashflow in the meantime. We are following an accelerated process to maximise our chances of a successful outcome.”
The gym has welcomed famous guests including supermodel Claudia Schiffer.
Schiffer revealed in 2010 that she had taken up Ten’s reformer Pilates with trainer David Higgins, one of the chain’s co-founders.
She told Hello! magazine at the time: “It’s the first time in my life that I’m enjoying working out.”
The King’s Cross estate, home to Ten’s flagship in the Gasholders building, names Oscar-nominated actress Carey Mulligan and broadcaster Zoe Ball as other A-list fans of the brand.
Ten was founded in 2007 and bills itself as London’s original Reformer Pilates studio.
It is so boutique that class sizes are capped at just 10 people.
The studios stretch from Chiswick and Notting Hill to St James’s, Hatton Garden and the City, and it boasts of six gym awards from posh magazine Tatler.
Monthly memberships start at £110 for four classes and rise to £345 for unlimited sessions.
A VIP block of 200 classes costs £3,300 a year. The King’s Cross flagship also offers cryotherapy, infrared saunas and a three-month nutrition plan costing £1,650.