Infinite Cycle: Gyms closed as fitness chain falls into liquidation

A fitness company with gyms across Sydney and the ACT is the latest casualty of Covid-19 and cost of living pressures as the company falls into liquidation.

The spin class chain is the latest fitness firm to fall into liquidation.

A fitness company with gyms across Sydney and the ACT is the latest casualty of Covid-19 and rising cost of living pressures as the company falls into liquidation.

Infinite Cycle was placed into liquidation last week – just two years after launching as “Australia’s first interactive indoor cycle experience”.

The indoor cycling chain operated under a franchise model with studios in Balgowlah, Bondi, Canberra, Green Square, Neutral Bay and Waterloo.

The gym launched with the promise of offering members hi-tech training equipment including bikes that ‘tilted’ at 22 degree angles and computer screens displaying participants’ Avatars on the screen during group cycling sessions.

Alan Sacharowitz, a founder of the fitness chain, confirmed the head office had shut with studios in Bondi, Canberra, Neutral Bay, Bondi, Green Square and Waterloo now all closed.

Infinite Cycle was placed into liquidation last week.

The Infinite Cycle chain had studios in Sydney, Canberra and Melbourne.

Mr Sacharowitz attributed the company’s downfall to the “slow recovery out of Covid” and inflation pressures impacting the business model, including rising commercial rental costs.

The Balgowlah gym is still trading after studio franchisee Vanessa Spinks bought the rights from Infinite Cycle to continue operating the studio. The gym is still using the Infinite Cycle brand.

“(The company’s management) were in financial distress and were trying to grow during Covid which was tough for them,” Ms Spinks said.

“They thought things would go well and then we got an email saying they’ve gone into liquidation. They tried to sell off the rights and intellectual rights to a third party who was looking at buying but were unsuccessful.

The Infinite Cycle studio at Neutral Bay.

“I feel very sad for them – it’s a good, fun product and I think we have something unique to offer the market.

Ms Spinks recognised there were broader challenges facing the fitness sector – highlighted by Aussie fitness chain F45 which has seen some branches placed into liquidation earlier this year. F45 Training recently secured its financial position with $90m in funding as it looks to strengthen its future.

Infinite Cycle was launched in 2021.

“These days there are so many fitness centres in the market and you can basically do anything because there’s a studio for everything,” she said.

“There are pressures – it’s cost of living, it’s mortgage rates, people have to stop spending somewhere. When your mortgage goes up $1000 a month you’ve got to cut somewhere.

“It’s been tough to keep going but things are starting to pick up now and we’re trying to get it to a stage where it’s a viable business.”

Liquidator Irving Kwek of insolvency firm Worrells will oversee the winding up of Infinite Cycle. Mr Kwek was contacted for further comment but did not provide a response at the time of publication.

Infinite Cycle had also operated a gym in Armadale in Melbourne which is still trading under the Infinite Cycle brand.