Billionaire Adrian Portelli again eyes takeover of Derrimut empire
In September, Portelli confirmed: Age After sharing his interest on social media, he was in talks to take over the company.
“We are currently in negotiations to purchase a stake in the company, including helping pay down debt and keeping the doors open for 800 working staff and hundreds of thousands of members,” Portelli said at the time.
To talk Age On Friday, Portelli said the gym chain was “treading water” financially and that the process was worrisome, despite having invested money in previous weeks to reach a deal with Solomos to keep the business afloat.
He came under the management of Nick Solomos’ Derrimut Gym.Credit: EddieJim
“I have nothing against Nick [Solomos]”I was there, ready to make a deal… but we kept running into obstacles and messing around.”
But since hearing that executives and other parties wanted to throw a lifeline to the business, Portelli said he would stop the “sharks from coming out” to “capitalize on market share.”
“If this has anything to do with me, I’m going to stop this,” he said.
“I can go in there and I know I can clean it up and save that gym. That gym came from out west where I was born, I went to that gym when I was young. I want to save that gym.”
Portelli described himself as a “bargain hunter”, stating that the gym empire going into administration has now made the process easier for him.
“I didn’t want to go down that path because it’s not a money game for me. I respect the work they do and I wanted to keep them involved. But my back was against the wall and here we are,” he said.
“Honestly, I’m stepping into people’s shoes. I don’t want to see the gym anywhere near.”
“There are a few players [expressing interest]But like I said, I’m on sale. “I am a bargain hunter.”
Adrian Portelli (centre) said the Derrimut gym chain was “treading water” financially.Credit: Joe Armao
The original Derrimut 24:7 Gym, located in Melbourne’s north-west suburb of Derrimut, was established in 2010.
Portelli confirmed there would be no change for members if he is successful in purchasing the business, but he hopes to dispel the gym’s “bad boy image”.
“If I get my hands on it, I can assure you it will stay there,” he said.
Nick Solomos has been contacted for comment.
Start your day with a summary of the day’s most important and interesting stories, analysis and insights. Sign up for our Morning Edition newsletter.
