Derrimut 24:7 Gym Rescued from Collapse by Financial Lifeline

A Lifeline for Derrimut’s Greek-Australian Owner

Social media and rewards entrepreneur Adrian Portelli has stepped in to save the struggling Derrimut 24:7 Gym chain, acquiring a major stake in the business. The fitness group, operating 25 gyms across Victoria and South Australia, has been battling a $12.5 million debt to the Australian Taxation Office, unpaid staff wages, and a growing list of creditors.

Two South Australian gyms, Noarlunga and Angle Vale, have already closed. Portelli, widely regarded as a billionaire businessman, told 7NEWS his top priority is clearing the company’s debts and restoring stability. “The first thing is to pay all the debtors, pay everything off,” he said.

Highlighting the gym’s significance, Portelli noted, “With 800 staff and hundreds of thousands of members, it’s an icon of the fitness industry.” In an Instagram video posted Wednesday, he arrived at a Derrimut gym in a black van, carrying a cardboard box labeled “first day at work.” He shared plans to “make Derrimut great again,” starting with practical steps like ensuring cleaner bathrooms.

The gym chain’s Greek-Australian owner, Nick Solomos, called the deal a vital lifeline, stating, “We’ll finalize everything in the next few days or weeks—just watch the journey unfold.”

Image: Adrian Portelli. Credit: Instagram.