A North-East gym business, Aden Morgan Summers Limited, which trades as Millennium Leisure, has been placed in administration with Iain Fraser and Tom MacLennan, partners with FRP Advisory LLP, the business advisory firm, appointed as joint administrators.
Founded in 1997, Millennium Leisure operates fully-equipped gyms in Inverurie and Peterhead. Members have access to a wide range of gym and fitness equipment, and access to personal training, coaching and fitness classes. Eight staff were employed.
The administration has been caused by cash flow problems stemming from the downturn in the oil and gas sector and rising costs, such as increased business rates. The joint administrators are marketing the company assets for sale, and urging prospective buyers to contact them as soon as possible.
Iain Fraser, joint administrator and partner with FRP Advisory, said: “Millennium Leisure is a well-known gym operator however, the company has been affected by external factors that have caused serious financial problems and administration was the only option. The assets might be of interest to another gym operator, or to an entrepreneur keen to enter this market. Unfortunately, all staff have been made redundant, but we will work closely with all agencies and services to ensure employees receive every support and assistance at this very difficult time.”