Derrimut Gym was originally owned by Nikolaos (Nick) Solomos, who founded and expanded the gym empire. However, due to mounting debts and financial difficulties, billionaire businessman Adrian Portelli stepped in recently to rescue the gym chain by acquiring a major stake in the company. While Solomos remains involved as the gym's owner in name, Portelli is now the key figure helping to manage the business and address its financial troubles, aiming to revive and expand the chain.
Ownership Overview
- Nikolaos Solomos is the founder and original owner of Derrimut Gym.
- Adrian Portelli acquired a significant stake in 2025, stepping in as a financial savior during the gym's fiscal crisis.
- The management focus under Portelli is on paying debts and stabilizing the business.
Financial Context
- Derrimut Gym faced $12.5 million in debts, including unpaid taxes and wages.
- Several locations have closed due to financial strain.
- Portelli's intervention is seen as a lifeline to save the business and its 800 employees.
Current Status
- Despite challenges, the gym chain is still operational and expanding, with a new large site opening soon.
- Solomos continues to promote the brand and its memberships, while Portelli focuses on financial restructuring and growth.
This updated ownership structure reflects a partnership where Solomos retains ownership, but Portelli has become a crucial stakeholder and rescuer of the business.
