Adam Gilchrist, 44, formally filed for bankruptcy when he co-founded F45 in 2012, amassing a multi-million dollar real estate portfolio earned from cult gym crazes.
The founder of Australia-based global fitness empire F45 recently resigned from the company after its share price plummeted by more than 60%, but officially filed for bankruptcy when he launched his cult gym.
Adam Gilchrist received a $10 million golden handshake two weeks ago when he stepped down as chairman and CEO of F45 Training following market turmoil on the New York Stock Exchange.
The ‘fastest growing fitness business in the world’, with celebrity cult followings and global ambassadors like David Beckham, was worth more than $500 million at its peak, according to last filings. and less than $20 million in cash.
Gilchrist’s $10 million payout saw the F45 lose more than half of its funding at once, with up to 110 Corporate employees have lost their jobs and more have been warned they are on the cutting board.
The company is also facing a potential lawsuit with fFive leading class action firms in the United States have asked investors to declare that they may join the lawsuit if F45 can prove that it has misinformed them.
Gilchrist’s three-story glass-and-concrete seafront home in Freshwater on Sydney’s Northern Beaches has been put up for sale after the stock market crash and quickly sold for more than $14 million on Aug. 13 before going up for auction. A successful bid has been made.
Gilchrist (right) was barred from being director of the business when the F45 was registered in Australia in 2013. Since then, the F45 has developed a cult following around the world, with a $450 million investment in him from movie star Mark Wahlberg (in 2021 he will be left with the F45). New York Stock Exchange)
Gilchrist was listed on the National Personal Insolvency Index until his dismissal in March 2014 (document pictured), but only joined F45’s board in 2020.
Mark Wahlberg (middle) and F45 followers, cricketer David Warner (left) and Iron Lady wife Candace Warner (right)
Since founding Jim Juggernaut, Dai has revealed more details about his lavish lifestyle.ly Mail Australia can exclusively reveal how the 44-year-old filed for bankruptcy in 2012, a year before he co-founded F45 with former rugby union teammate Rob Deutsch.
Gilchrist, who made $500 million overnight after courting celebrities when actor Mark Wahlberg invested in the F45 a year ago, filed for bankruptcy in April 2011.
At the time, he lived in a relatively shabby red-brick unit with a small kitchen and one bathroom, with views of Elizabeth Bay.
When F45 was registered as an Australian company in March 2013, Mr Gilchrist was still declared bankrupt and was barred from running the company for three years.
There is no indication that Mr. Gilchrist set up the company against the terms of the bankruptcy.
Gilchrist’s bankruptcy discharge date was March 5, 2014 on the Australian National Bankruptcy Index, according to documents obtained by the Daily Mail Australia.
Gilchrist wouldn’t be director of F45 until six years later, but by then F45 was booming as a fitness boom, with gyms opening across the country, Australian athletes and rugby league player Nate Celebrities such as Miles, Jarryd Hain, Willie Tonga and model Nicole Tranfio attended. .
So-called celebrity trainers such as former NRL player Daniel Cong have become the face of the country’s fastest growing group training franchise, especially in Sydney’s eastern suburbs.
Wallaby stars Stephen Hoyles, Adam Ashley Cooper and Mitchell Chapman opened F45 Gym in Coogee, but it wasn’t just for men. Her 3 out of 4 of F45’s customers were women.
Gilchrist used the money he made with F45 to amass a property portfolio across Australia, including apartments in Lennox Head and a beach pad in Byron Bay.
F45 was once the world’s fastest-growing fitness empire with global ambassadors including David Beckham (pictured), but since going public on the NYSE, its share price has plummeted, staff losses and class-action lawsuits have erupted. has attracted the attention of law firms.
In 2019, he paid $14 million for a house in Freshwater Beach under his wife’s maiden name, Eli Havas. The home sold last weekend for an undisclosed amount ahead of the auction, setting a record for the area.
When Mark Wahlberg invested $450 million in F45 and went public on the New York Stock Exchange last July, the stock soared to $17.28.
A few weeks later, Mr. Gilchrist broke local real estate records when he bought a Byron Bay colonial mansion on the famous Wategos Beach for $18.85 million.
The F45 has attracted the endorsement of prominent global celebrities such as David Beckham, Magic Johnson, Greg Norman, Cindy Crawford, actor Mario Lopez, singer J. Balvin and DJ Steve Aoki. .
Their cult following is based on 45-minute group training workouts that combine resistance, metabolism and cardio in a fun and accessible environment.
F45 claims to be the fastest growing fitness network in the world with 1,555 studios and 2,801 franchises in 63 countries by mid-2021, eventually growing to 23,000 studios worldwide. I was aiming to have
Gilchrist was F45 director at the time, a little over a year after taking over as F45 director in March 2020.
Luke Istomin and Robert Deutsch, best known as Hugh Jackman’s personal trainers, served on the board since 2013 before stepping down in 2015 and 2020, respectively.
Gilchrist sold his Freshwater beach house (pictured) for $14 million last weekend, just days after the F45 was a stock market disaster and walked away with a $10 million payout.
Just weeks after Wahlberg invested $450 million in F45, Mr. Gilchrist’s colonial-style Byron Bay Mansion (pictured) on Wategos Beach was purchased for $18.85 million.
Gilchrist served on the company’s board for just over two years before stepping down from the company earlier this month.
As outgoing chairman, he said he was “forever grateful” to the franchise and thanked staff, investors and members for their support.
Gilchrist said in a statement, “To the staff who have worked tirelessly since our founding, your efforts have been incredible. Thank you for all your support.
“To our investors who have joined us on our journey, thank you for your commitment to the F45.
“Finally, we are eternally grateful to our franchisees for providing F45 members around the world with the best workouts in the world every day.”
F45 co-founder Rob Deutsch (pictured with his model wife, Nicole Person) spent $20 million, including a beachfront family home in Bronte that sold for $17.7 million last year. Own a formidable real estate empire worth more than
Deutsch (middle) expressed dismay at the company’s loss of F45 employee jobs as the company’s stock price plummeted a year after going public on the NYSE.
Gilchrist’s payments are said to exceed $10.1 million and include 12 months of rent on his Florida mansion and 18 months of health insurance for his family, but the company’s stock has plummeted. increase.
Even before the most recent plunge, F45’s stock price plummeted after going public at $22.89 per share, bottoming out at $1.35 and $2.31 per share at the time of writing.
F45 has confirmed that it will furlough almost 45% of the company’s corporate staff (110 employees) to reduce selling, general and administrative expenses.
“Changes in macroeconomics – domestic production, unemployment and inflation – have forced the company to restructure,” the company said.
Chief Financial Officer Chris Payne said:
“While we expect growth to continue, market dynamics are having an unexpected impact on franchisees’ ability to obtain capital to develop new F45 locations.
Liam Cooper (above), one of F45’s celebrity fitness trainers, has opened a gym in Australia.
In addition, recent share price performance has made it difficult for franchisees to take advantage of the financing vehicle announced earlier this year.
Deutsch said he was devastated to hear what had happened since he received a $2.5 million “trading bonus” two and a half years ago to “transition” the company.
He also owned a formidable real estate empire worth over $20 million, including a seaside family home in Bronte that sold for $17.7 million last year.
“I never dreamed of it,” Deutsch said on Instagram.
“When I exited the F45 and sold out, I was left with a wholesome, amazing business beast, from the company culture to the heartbeat of the business… Workout.
“The F45 was special. I sincerely hope that all 110 laid-off staff find happiness and opportunities elsewhere.”
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