Insolvency firm Hogan and Sprowles has been appointed to manage the liquidation of Rapid PT, which employs three full-time staff and 17 contractors, and has 7 locations spread across Sydney and Perth. The business has ceased trading.
Established in 2012 by founder Kris Cochrane, Rapid Personal Training ran into difficulties after Kris realised that sales performance could no longer match outgoings, and he knew it was time to raise the white flag.
“We had big plans and big growth. We expanded into Western Australia and invested into strategies that were, honestly, a gamble,” Cochrane says.
“Things like extra staff, online infrastructure, things that cost money. “It was a matter of making decisions as a business owner without a great deal of experience, and without a realistic understanding of what would happen if things don’t go the way you want them to.”
The experience has been difficult for Cochrane, who says it all “happened so fast”.
“It all happened so fast I didn’t see it coming. I was looking at the sales numbers, and for the first time ever I raised the white flag and said I wouldn’t be able to pull this off,” Cochrane says.
“As an entrepreneur, I’ve probably failed.”
While Cochrane is helping out the liquidators where he can, he says he’s “virtually unemployed” at the moment and hasn’t thought too much about the future.
Rapid PT has closed its operations at seven locations, but trainers will keep their jobs after re-contracted to other gyms, Cochrane says.
Rapid PT’s Facebook page has been shut down and the business’s website now displays only the Rapid PT logo.