Sunshine Coast sports business The Recovery Room booms after new owners invest forgotten cryptos

After discovering a forgotten stash of cryptocurrencies had skyrocketed in price, a young man knew exactly where to invest it. Read what he did here.

Two mates on the Sunshine Coast have created a nearly $1m sports company after buying it last year with one investing $50,000 in forgotten cryptocurrencies to boost the business.

The Recovery Room is a premium sports recovery facility inside The Sports Hub along Main Dr, Bokarina, offering ice baths, infra-red saunas and compression therapy, among other services.

The Recovery Room co-owner Mitch Pleysier, 30, said he and his best mate went halves in buying the business early last year after discovering he was sitting on a forgotten gold mine of cryptocurrencies since investing in 2017.

The Palmwoods resident pulled out about $50,000 from Bitcoin and Ethereum after the stock skyrocketed by 900 per cent since buying them.

“It was a nice thing,” he said.

The Recovery Room co-owner John Sheraton, 31, said he invested a house deposit to acquire the then-financially “crumbing” entity, admitting he wasn’t keen on it until he walked in and noticed its true potential.

The Maroochydore businessman said he and his mate had since transformed the sports company, more than doubling its annual revenue which was projected to hit just shy of $1m for the next financial year.

“Ever since we’ve taken over, it just climbs,” he said.

Mr Sheraton said the duo have turned the brand from an athlete-focused budget facility with limited hours, cheap equipment, and low fees to a premium brand for all customers.

He said big changes included changes to pricing and opening hours, marketing it for everyone, upgrading policies, systems and equipment such as replacing $50 massage guns with $700 muscle guns.

They hoped to one day spread to up to three facilities, and reach 100 communities in the country.

The duo – former basketball players who stopped playing due to injuries – said they not only wanted their service to support people’s physical recovery, but mental health.

Mr Sheraton said it was vital to support injured athletes as they can lose a sense of identity when being unable to play their chosen sport.