Belgravia buys beleaguered Jump Swim Schools
Belgravia Group has purchased Jump Swim Schools, ending months of speculation and uncertainty for the company and saving the business from liquidation.
Administrator, Glenn O’Kearney of GT Advisory, said in a statement that the agreement with Belgravia Group is the best outcome for all stakeholders, including franchisees.
Jump Swim Schools, which has more than 100 franchisees throughout Australia, will now become part of the Belgravia Kids portfolio.
Jump went into voluntary administration in May as the business became entangled in issues with leases, mounting debts and escalating legal action, and in June the ACCC initiated proceedings against Jump Loops Pty Ltd and its parent company Swim Loops Holdings Pty Ltd (collectively Jump Swim) in the Federal Court.
The Belgravia Kids portfolio is managed by CEO Mark Collins, and operations are expected to continue as usual while Belgravia Group communicates with stakeholders. Belgravia Group has written to all franchisees confirming the sale, and has asked for some patience as the business transitions to the control of Belgravia Kids.
Positive arrangement
Belgravia Group Chairman, Geoff Lord, welcomed the acquisition.
“When you combine Belgravia Leisure’s Learn to Swim, the Jump Swim Schools and the Belgravia Kids centres we are building – we are now approaching 100,000 Learn to Swim Kids,” Lord says.
“This new arrangement ensures the programs and centres remain open for business, which is important for all stakeholders. Swimming is one part of the group’s stated vision of getting one million children active per year through its various activities.’’
Collins says he is excited to add Jump Swim Schools to the burgeoning Belgravia Kids portfolio as it grows its membership base throughout Australia.
“The agreement is a fantastic outcome for everyone; franchisees, other stakeholders, and the thousands of children and families involved in swim programs every day,” he says.
“We are confident we’ll be able to continue to offer the programs under our management and look forward to working with everyone involved through the transition.”
Former Jump franchisee Juliet Sharpe says the Belgravia Group acquisition was a positive step forward for the embattled network.
“I feel it is the best way forward and the administrator has made the right decision under a lot of scrutiny,” she says. “It’s great news for Swim Loops franchises. They are lucky they have a school and are no longer under the control of poor management.”
Image: Belgravia Kids
