Liquidator: City gym now debt free and more attractive to buyers

A popular Cork City gym that went into liquidation this month owing €625,000 is now debt free and more attractive to potential buyers, according to the liquidator.

Gerard Murphy, of Gerard Murphy & Co, St Mary’s Rd, Midleton, Co Cork, told a creditors’ meeting yesterday that the €355,866 owed to staff and the €288,248 owed to creditors, largely members, of Source Health and Fitness Ltd, Tivoli, Cork, had “gone off the slate” with no transfer of undertakings, as the business had not been sold as a going concern.

“There are no legacy scenarios with Source, it’s a clean bill of health,” he said.