GET FIT TECH
Sign up for the FREE digital edition of Fit Tech magazine and also get the Fit Tech ezine and breaking news email alerts.
Not right now, thanksclose this window
Technogym | Fit Tech promotion
Technogym | Fit Tech promotion
Technogym | Fit Tech promotion
FIT TECH News

Hussle owner goes bust owing £5.4m – pre-pack deal snapped up by Tegelaars and Chmyshuk

By
The owner of gym aggregator Hussle – Sandcroft Avenue Ltd – has collapsed owing £5,362,000
Archway Fitness has acquired the Hussle name and assets for £175,000 as part of a pre-pack admin deal
Archway Fitness – founded on 12 April – is 50:50 owned by former Hussle shareholders, Harm Tegelaars and Maxim Chmyshuk
Hussle’s COO Neil Harmsworth and CEO Jamie Ward will run the Hussle operations for Archway Fitness

The company behind fitness aggregator Hussle – Sandcroft Avenue Ltd – has collapsed, owing £5,362,000.

A new company, Archway Fitness Ltd, set up on 12 April, has acquired the Hussle name and assets for £175,000 as part of a pre-pack administration deal which concluded on 6 May.

Archway is owned 50:50 by former Hussle shareholders Harm Tegelaars and Maxim Chmyshuk of Digital Horizon VC. Tegelaars' appointment to the Hussle board was announced on 10 May.

Following the deal, HCM understands the company has been restructured and refinanced, with Archway Fitness taking on contracts, suppliers and partnerships. The Hussle name will continue and all existing Hussle vouchers will be honoured by the new owner.

In addition, 16 of the 18 staff will continue their employment and Hussle’s COO Neil Harmsworth and CEO Jamie Ward will run the Hussle business for Archway Fitness.

The company says the focus now is to continue expanding the Hussle operation through the existing rewards-based partnerships, such as those already in place with AXA Health, BUPA, The AA and Caterpillar Health.

Speaking at the time of his appointment to the Hussle board, Tegelaars said: “The fitness industry and its growth has been a lifelong passion for me and I’m delighted to return with Hussle

"I look forward to building on the marketing collaboration opportunities the team has created – for too long, our sector has missed out on the exposure and revenue that other sectors can bring through their marketing power and geographic reach."

Sandcroft Avenue Ltd, incorporated in 2009, originally traded as PayAsUGym, rebranding as Hussle in 2018.

The business expanded quickly and reported overfunding its crowdfunding campaign to HCM back in 2019, when investors included Channel 4 Ventures and AlbionVC.

According to recent filings at Companies House, outstanding creditors include Shawbrook Bank (£3,225,000), the Future Fund (£1,538,457) – a UK government scheme supporting companies with financing difficulties due to the Coronavirus outbreak – and also Channel 4 Ventures (£37,001).

“The business followed an aggressive growth strategy and was initially backed by individual investors and leading venture capital firms,” said administrator Nick Edwards of RSM Ltd. “Due to the costs of developing the platform and winning market share, the company was initially loss-making and therefore focused on raising periodic investment rounds to sustain its operations.

"Management believed the company was successful in implementing this high-growth strategy as it established a network of 1,400 gyms, pools and spas which they believed represented around 20 per cent of the UK supply.”

The administrator's report describes how Hussle’s financial position worsened under the weight of rebranding costs in 2018 and outlines how trading was “severely impacted” when facilities started closing due to the pandemic.

Efforts to raise additional funding in 2021 were unsuccessful and an ensuing search to find a buyer through a share sale also proved fruitless, so the pre-packaged administration deal was sought in Q1 of 2022.

More fit tech news
Fisikal and Egym have announced a new partnership to support Egym’s enterprise customers running multi-site operations. An enterprise solution from ...
PROMOTION
EGYM has announced an integration with a leading UK-based software company Fisikal to enhance its capabilities to serve the needs ...
A strategic alliance has been announced between music services provider, Feed Media Group and digital fitness agency Sweatworks. Feed Media ...
F45 will be launching its first studio in a hotel in Q3 2022, following a partnership agreement with Hilton Austin. ...
Form, a Vancouver-based tech startup that creates smart swimming goggles, has released a new collection of digital real-time workouts for ...
Connected performance wearable company Whoop has launched Whoop Unite for businesses. Whoop has built up its business-to-business operation since undertaking ...
The best in the business from across the physical activity sector were honoured last night (30 June) as the winners ...
More HCM news
PROMOTION
It’s a known fact that gamification is an effective method to make everyday activities and work more fun. This certainly ...
Following Kabata’s recent US$2m raise to propel its AI-powered haptic dumbbells onto the market, the startup has confirmed it’s aiming ...
Strength training startup Grndhouse has launched a new app following 18 months of development. The app is available through Apple’s ...
Caterpillar, a new app that rewards healthy actions with redeemable points at entertainment and fitness outlets, will launch a pilot ...
Aumio, a new sleep, relaxation and meditation app for children has raised €3m to drive market expansion across Europe and ...
ABC Fitness Solutions has appointed Sharad Mohan as chief SaaS officer. Mohan was previously co-founder and MD of Trainerize, which ...
PROMOTION
Capitalising on Schwinn’s decades of experience and iconic leadership in commercial indoor cycling, Core Health & Fitness announces the arrival ...
Strava, a leading social platform for athletes, has acquired Recover Athletics, a startup providing evidence-based prehab workouts to runners. The ...
Ness, a US startup that is developing a range of wellness-driven credit cards, has launched its first product, the Ness ...
Tillt, an athletic performance-based betting app – where runners get paid if they win – has been launched by co-founders ...
PROMOTION
With a focus on globalisation, Magicline has officially launched its software in the UK. As Europe’s leading gym management software ...
AI-driven home-strength platform, Vitruvian, has raised US$15m Series A funding to ramp up production. Investors include Larsen Ventures and Steve ...
More fit tech news
It’s a known fact that gamification is an effective method to make everyday activities and work more fun.
EGYM has announced an integration with a leading UK-based software company Fisikal to enhance its capabilities to serve the needs of enterprise customers running multi-site operations.
Pyramids Centre enhanced thanks to Technogym, BH Live & Portsmouth City Council
Technogym
H Live has grown rapidly since 2010, operating leisure sites, sports and entertainment venues across Dorset, Hampshire and London. Read more
Gympass is a corporate wellbeing platform that ignites and fuels every journey to feel good....
YOUR Personal Training is the UK’s largest and most successful PT Management company, offering a ...
Flooring
Lockers/interior design
Management software
Wearable technology solutions
Salt therapy products
25-26 Sep 2022
Bespoke, San Francisco, United States
It’s a known fact that gamification is an effective method to make everyday activities and work more fun.
EGYM has announced an integration with a leading UK-based software company Fisikal to enhance its capabilities to serve the needs of enterprise customers running multi-site operations.
Gympass is a corporate wellbeing platform that ignites and fuels every journey to feel good....
YOUR Personal Training is the UK’s largest and most successful PT Management company, offering a ...
Pyramids Centre enhanced thanks to Technogym, BH Live & Portsmouth City Council
Technogym
H Live has grown rapidly since 2010, operating leisure sites, sports and entertainment venues across Dorset, Hampshire and London. Read more
Get Fit Tech
Sign up for the free digital edition of Fit Tech magazine and the free weekly Fit Tech ezine
Sign up
Flooring
Lockers/interior design
Management software
Wearable technology solutions
Salt therapy products
25-26 Sep 2022
Bespoke, San Francisco, United States

features

Editor's letter

Two-way coaching

Content providers have been hugely active in the fit tech market since the start of the pandemic. We expect the industry to move on from delivering these services on a ‘broadcast-only’ basis as two-way coaching becomes the new USP
Interview

Kilian Saekel

By putting focus on tapping different lights and sounds while doing gruelling planks, you stop focusing on the pain
Supplier showcase

Funxtion: A vital connection

NonStop Gym, Switzerland’s no frills gym chain, has appointed FunXtion to create its member training app
App analysis

Digital community

Matt Stebbings of SLT Group talks about the creation of their Community Portal, a new platform that aims to help anyone to get active, whether that’s inside or outside of SLT’s facilities
Interview

Put on your red light

Red light therapy promises a variety of benefits, including better recovery, skin rejuvenation and increased energy, but is it all too good to be true? Fit Tech spoke to Bryan Gohl and James Strong of Red Light Rising, and Wes Pfiffner of Joovv to find out more
In conversation

Jessica Ennis-Hill: founder of Jennis

Jessica Ennis-Hill is on a mission to close the gender data gap in health research. Her app, Jennis CycleMapping, is designed to help women understand their cycles and how to train during each different phase. Steph Eaves speaks to Ennis-Hill to find out exactly how it works
Usability

How usable is your product?

Your fit tech product might be a game changer, solving problems or creating new possibilities for clients, but none of this will matter if it’s not easy and enjoyable to use. Industrial designer Nick Chubb explains why usability is key, and the factors to consider when designing your new product
Interview

Mathieu Letombe

We’re ultimately bringing health monitoring technologies from the doctor’s office into the home, to help patients and their physicians make life-saving changes
Fit Tech People

Adam Zeitsiff

CEO, Intelivideo
We don’t just create the technology and bail – we support our clients’ ongoing hybridisation efforts
Fit Tech People

Mike Hansen

Managing partner, Endorphinz
We noticed a big gap in the market – customers needed better insights but also recommendations on what to do, whether that be customer acquisition, content creation, marketing and more
Origin Stories

Adrian Hon

Zombies, Run! is one of the most enduring fitness apps, with half a million users getting active while engaging in ‘missions’ against the zombie apocalypse. Its co-creator spoke to Steph Eaves about the power of story
Augmented Reality

Refining augmented reality

London boutique The Refinery has created an avatar-led digital fitness offering called ALFI, which utilises augmented reality (AR) to demonstrate movements. Zoe Bertali, one of the co-founders of the gym, tells us more
More features
FIT TECH News

Hussle owner goes bust owing £5.4m – pre-pack deal snapped up by Tegelaars and Chmyshuk

By
The owner of gym aggregator Hussle – Sandcroft Avenue Ltd – has collapsed owing £5,362,000
Archway Fitness has acquired the Hussle name and assets for £175,000 as part of a pre-pack admin deal
Archway Fitness – founded on 12 April – is 50:50 owned by former Hussle shareholders, Harm Tegelaars and Maxim Chmyshuk
Hussle’s COO Neil Harmsworth and CEO Jamie Ward will run the Hussle operations for Archway Fitness

The company behind fitness aggregator Hussle – Sandcroft Avenue Ltd – has collapsed, owing £5,362,000.

A new company, Archway Fitness Ltd, set up on 12 April, has acquired the Hussle name and assets for £175,000 as part of a pre-pack administration deal which concluded on 6 May.

Archway is owned 50:50 by former Hussle shareholders Harm Tegelaars and Maxim Chmyshuk of Digital Horizon VC. Tegelaars' appointment to the Hussle board was announced on 10 May.

Following the deal, HCM understands the company has been restructured and refinanced, with Archway Fitness taking on contracts, suppliers and partnerships. The Hussle name will continue and all existing Hussle vouchers will be honoured by the new owner.

In addition, 16 of the 18 staff will continue their employment and Hussle’s COO Neil Harmsworth and CEO Jamie Ward will run the Hussle business for Archway Fitness.

The company says the focus now is to continue expanding the Hussle operation through the existing rewards-based partnerships, such as those already in place with AXA Health, BUPA, The AA and Caterpillar Health.

Speaking at the time of his appointment to the Hussle board, Tegelaars said: “The fitness industry and its growth has been a lifelong passion for me and I’m delighted to return with Hussle

"I look forward to building on the marketing collaboration opportunities the team has created – for too long, our sector has missed out on the exposure and revenue that other sectors can bring through their marketing power and geographic reach."

Sandcroft Avenue Ltd, incorporated in 2009, originally traded as PayAsUGym, rebranding as Hussle in 2018.

The business expanded quickly and reported overfunding its crowdfunding campaign to HCM back in 2019, when investors included Channel 4 Ventures and AlbionVC.

According to recent filings at Companies House, outstanding creditors include Shawbrook Bank (£3,225,000), the Future Fund (£1,538,457) – a UK government scheme supporting companies with financing difficulties due to the Coronavirus outbreak – and also Channel 4 Ventures (£37,001).

“The business followed an aggressive growth strategy and was initially backed by individual investors and leading venture capital firms,” said administrator Nick Edwards of RSM Ltd. “Due to the costs of developing the platform and winning market share, the company was initially loss-making and therefore focused on raising periodic investment rounds to sustain its operations.

"Management believed the company was successful in implementing this high-growth strategy as it established a network of 1,400 gyms, pools and spas which they believed represented around 20 per cent of the UK supply.”

The administrator's report describes how Hussle’s financial position worsened under the weight of rebranding costs in 2018 and outlines how trading was “severely impacted” when facilities started closing due to the pandemic.

Efforts to raise additional funding in 2021 were unsuccessful and an ensuing search to find a buyer through a share sale also proved fruitless, so the pre-packaged administration deal was sought in Q1 of 2022.

More fit tech news
Fisikal and Egym have announced a new partnership to support Egym’s enterprise customers running multi-site operations. An enterprise solution from ...
PROMOTION
EGYM has announced an integration with a leading UK-based software company Fisikal to enhance its capabilities to serve the needs ...
A strategic alliance has been announced between music services provider, Feed Media Group and digital fitness agency Sweatworks. Feed Media ...
F45 will be launching its first studio in a hotel in Q3 2022, following a partnership agreement with Hilton Austin. ...
Form, a Vancouver-based tech startup that creates smart swimming goggles, has released a new collection of digital real-time workouts for ...
Connected performance wearable company Whoop has launched Whoop Unite for businesses. Whoop has built up its business-to-business operation since undertaking ...
The best in the business from across the physical activity sector were honoured last night (30 June) as the winners ...
More HCM news
PROMOTION
It’s a known fact that gamification is an effective method to make everyday activities and work more fun. This certainly ...
Following Kabata’s recent US$2m raise to propel its AI-powered haptic dumbbells onto the market, the startup has confirmed it’s aiming ...
Strength training startup Grndhouse has launched a new app following 18 months of development. The app is available through Apple’s ...
Caterpillar, a new app that rewards healthy actions with redeemable points at entertainment and fitness outlets, will launch a pilot ...
Aumio, a new sleep, relaxation and meditation app for children has raised €3m to drive market expansion across Europe and ...
ABC Fitness Solutions has appointed Sharad Mohan as chief SaaS officer. Mohan was previously co-founder and MD of Trainerize, which ...
PROMOTION
Capitalising on Schwinn’s decades of experience and iconic leadership in commercial indoor cycling, Core Health & Fitness announces the arrival ...
Strava, a leading social platform for athletes, has acquired Recover Athletics, a startup providing evidence-based prehab workouts to runners. The ...
Ness, a US startup that is developing a range of wellness-driven credit cards, has launched its first product, the Ness ...
Tillt, an athletic performance-based betting app – where runners get paid if they win – has been launched by co-founders ...
PROMOTION
With a focus on globalisation, Magicline has officially launched its software in the UK. As Europe’s leading gym management software ...
AI-driven home-strength platform, Vitruvian, has raised US$15m Series A funding to ramp up production. Investors include Larsen Ventures and Steve ...
More fit tech news