AGENDA WEST NEWS Chancellor Rishi Sunak’s wife Akshata Murthy takes a hit as the leisure firm she backs calls in the administrators

Akshata Murthy and husband Rishi Sunak. Pic: The Mirror

Problems in the leisure and fitness sectors

She may be a multi-millionaire but the wife of the Chancellor of the Exchequer Akshata Murthy has seen one of her investments go wrong after Digme Fitness has appointed administrators.

The London and Richmond upon Thames based chain of gyms has claimed in accounts filed with Companies House they had faced ‘extraordinary challengers’ during the pandemic.

Rishi Sunak’s wife Akshata Murthy is reported to be worth around £430 million according to media reports and is understood to have had a 4.2% stake in Digme Fitness. By entering administration with Shoosmiths who are seeking to restructure the company it now has temporary protection from suppliers and landlords seeking to get paid.

Ian Carrotte of ICSM said it was important for potential suppliers of firms hit by the pandemic such as gyms which were forced to shut by the Government during the crisis to be careful over credit terms.

He said: “Our regular listings of those in the hospitality, leisure and travel industries shows how bad the sectors have been hit with liquidators appointed to a long list of firms.”

Those liquidations include Aiden Taverns Limited, A & G Raja Travel Limited, Clayton Restaurants Limited, Corazon Restaurants Limited, ITL World Travel Management Company Limited, Jackson Leisure Limited, Play Football Limited, TWB Hospitality Limited and many more.

A statement on behalf of Digme was reported to have said: “Having hunkered down and re-examined the cost base during the crisis, we expect to exit the pandemic stronger as a business, and, as with every crisis, there will be many opportunities for bargain growth opportunities that will arise.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk