In September, Portelli confirmed to The Age he was in negotiations to take over the company after taking to social media to share his interest.
“We’re currently in negotiations to purchase a stake in the business, which will include assisting in paying off the debts and keeping doors open for the 800 employed staff and the hundreds of thousands of members,” Portelli said at the time.
Speaking to The Age on Friday, Portelli said the gym chain was “treading water” financially, and despite putting up money to keep the business afloat in the preceding weeks to finalise a deal with Solomos, the process was fraught.
Nick Solomos’ Derrimut Gym has entered into administration.Credit: Eddie Jim
“I don’t have anything against Nick [Solomos],” he said. “I was there, ready to do a deal … but we just kept facing hurdles, and we were just getting mucked around.”
Since hearing about administrators and other parties were interested in throwing the business a lifeline, however, Portelli said he would put a stop to the “sharks coming out” to “capitalise on the market share”.
“If it’s got anything to do with me, I’m gonna f—ing stop that,” he said.
“I can get in there and I know I can clean it up and save that gym. That gym originated from the west where I was born, I went to that gym when I was a young chap. I do want to save that gym.”
Portelli said the gym empire entering administration has now made the process easier for him, describing himself as a “bargain hunter”.
“I didn’t want to go down that path because it’s not a money play for me. I respect the work they’ve done, and I wanted to keep them involved. But my back was pushed against the wall, and here we are,” he said.
“I’m stepping in for the people, to be honest. I don’t want to see the gym close.
“There are a few players [expressing interest], but like I said, I’m down for a discount. I’m a bargain hunter.”
Adrian Portelli (centre) said the Derrimut gym chain was “treading water” financially.Credit: Joe Armao
The original Derrimut 24:7 Gym, based in Melbourne’s north-western suburb of Derrimut, was founded in 2010.
Portelli confirmed that if he is successful in acquiring the business, there will be no change for members, though he does hope to remove the gym’s “bad boy image”.
“If I do get my hands on it, I can assure you that it will be there to stay,” he said.
Nick Solomos was contacted for comment.
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