Jump! Swim Schools’ trading company Swim Loops hopes to do deal with creditors to stay afloat

Gold Coast-based swim school company Swim Loops has hit troubled waters and is trying to do a deal with creditors to keep its chain of Jump! Swim Schools afloat.

Jump! Swim Schools’ main trading company Swim Loops Pty Ltd will continue to operate despite going into voluntary administration.

Accountants GT Advisory & Consulting were appointed on Monday to investigate the affairs of the Gold Coast-based Swim Loops and whether it can be kept afloat.

Administrator Glenn O’Kearney said director of Swim Loops Ian Campbell intended to submit a deed of arrangement proposal to creditors in an effort to provide a better outcome for stakeholders.

Jump! Swim School franchises are operated through Swim Loops which is owned Mr Campbell who was the founder of Jump!

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Swim Loops director Ian Campbell, pictured at the Miami centre, wants to enter a deed of arrangement with creditors. Pics Adam Head

Jump! Swim Schools which have more than 60 locations across Australian including nine in Queensland.

Mr O’Kearney said that while he was assessing the company’s future, the head office and all locations would be open for business.

“It is business as usual for the company and its franchisee network, who will be contacted by the administrator’s office in the coming days,” Mr O’Kearney said in a statement.

“Jump! Swim Schools head office and key management personnel will also continue to support the franchisees within the Swim Loops Pty Ltd franchise network so franchisees are advised they can also communicate any queries through their normal channels.”

He said there was a wind-up order to be heard on June 11 but he would be seeking more time to conduct his investigation.

Elliott Gandarillas, with instructor Jeanette Bence, at the opening of centre in Geelong, Victoria, one of more 60 swim schools under the Jump! Swim Schools banner. Picture: Andy Brownbill

News of Swim Loops problems was news for Kat Hughes who runs the Bundall pool which is located within a five kilometres of head office.

“I have no idea what is going,” Ms Hughes said.

Jimboomba franchise owner Shelly Snow said there were no schools closing down and they were independently owned.

“We are not affected and open. Most of the schools are independently owned and not affected,” Ms Show said

Swim Loops director Mr Campbell has been contacted for comment.

Originally published as Jump! Swim Schools’ trading company Swim Loops hopes to do deal with creditors to stay afloat