Energie Corp run cheap fitness clubs and are well versed in the dark arts of franchising. They took £630k off Crowdcube investors in 2016. Spectacular growth forecasts where backed up with impressive opening schedules and unit numbers to match.
Since then, the company has launched a rebranding of its Fit4less name and gone for Energie, with a cheeky little french twist. Reviews of the sites are not good.
What is curious is that the Crowdcube FCA verified section of the pitch in 2016 said this -
The latest filed accounts, with accompanying statement full of how well they are doing, said that they had 11 clubs in Ireland, one has been lost in the mists, 6 in Scotland and 1 club in Poland. A total of 18 which means they have lost 3 from the 21 declared above. By the end of the year, they state that they had 88 clubs across all of their networks.
Now either I have gone potty and all of you are sane or vice versa. I read this as a considerable fall in the number of clubs operating since Crowdcube allowed statements on their platform giving the number as 93 with another 31 in the pipeline in 2016. So by now a minimum of 124 - not the 88 in the accounts. That is some difference. Other numbers on the Crowdcube platform also make it look as though things have not gone to plan.
In a similar vein the accounts show further losses where the projections showed a healthy downward dog style profit of £630k. Ruff.
Crowdcube - helping to make the impossible unattainable, using Government backed tax breaks.