Full Breakdown
Castle Point Fitness Enters Liquidation Before Launching Planet Fitness in New Zealand
4/23/2026, 9:01:18 PM
Overview of the Situation
Castle Point Fitness, established to introduce the Planet Fitness franchise model to New Zealand, has entered liquidation before opening any gyms. The company, incorporated in April 2022, aimed to launch its first locations by November 2025. However, insufficient operating revenue led to its liquidation, with Thomas, a Tauranga-based liquidator, appointed on March 19, 2023.
Background & Context
Castle Point Fitness was formed as a joint venture between the founder of The Fresnel Companies and a private family office, with plans to develop a minimum of 25 Planet Fitness locations in New Zealand. The franchise model, known for its high value and low cost, was expected to thrive in a market generating approximately $460 million in annual revenue, projected to grow by 2% annually.
Liquidation Details
The liquidator, Thomas, has frozen the company's bank account, which holds $4,030.56, and is assessing creditor claims. Two security interests are registered against Castle Point Fitness, but specific amounts owed remain undisclosed. The Public Trust confirmed it is not owed any money, while Alaska Construction & Interiors has yet to comment. Thomas is also investigating potential unpaid wages and tax obligations, including a debt of $38,516.63 for outstanding employer deductions.
Key Figures Involved
Liam Brady was appointed as the chief executive of Castle Point Fitness, serving from November 2024 until March 2026. Despite the company's liquidation, Brady claims he was not formally notified of his termination and has not received outstanding payments. He asserts that Castle Point secured the franchise rights for Planet Fitness in New Zealand, a claim disputed by the company, which stated that Brady's recollections differ significantly from their records.
Official Statements & Responses
In response to Brady's claims, a spokesperson for Castle Point Fitness stated, “While we will not engage in public disputes while the company is in liquidation, we will state that Mr. Brady’s recollection of what transpired differ widely from the company’s.” They further asserted that Brady's statement regarding the franchise rights is incorrect.
Criticism & Opposition
Brady's situation highlights concerns regarding the management and operational transparency of Castle Point Fitness. His claims of unpaid entitlements and the lack of formal termination processes raise questions about the company's practices leading to its liquidation.
Conflicting Reports & Gaps
There are discrepancies regarding the franchise rights for Planet Fitness in New Zealand. While Brady claims Castle Point holds these rights, the company's spokesperson categorically denies this assertion. Additionally, the liquidator has yet to determine the full extent of unpaid wages and other liabilities, leaving uncertainty about the company's financial status.
What's Next
The liquidation process is ongoing, with Thomas working to identify all debts and assets. The timeline for completion remains unclear, as the liquidator continues to gather information on creditor claims and outstanding obligations.
