Speaking about two of her firm's being placed into administration today. fitness expert Rosemary Conley said:
“My heart goes out to the staff affected, and we are talking to them today to try to work out how best we can help them. I have invested a lot of my own money into the business recently, and haven’t drawn any salary for several months, as we tried to keep things going through such tough economic times”.
– Rosemary Conley
Administrators were called in after Rosemary Conley TV failed to turn out a profit, and a recent slump in magazine sales.
The administrators called in to look for potential investors for two firms set up by Leicestershire fitness expert Rosemary Conley have issued the following comment:
The Board has taken a responsible decision - going into early administration creates a restructuring opportunity. Our initial priority is to restructure the business and explore the clear potential for investment. Sadly the process involves some difficult decisions including the need to make a number of employees redundant”.
– Mark Hopkins of Elwell, Watchorn and Saxton
Six staff are being made redundant at the firm's HQ in Quorn. It's after a slump in magazine sales and debts from the launch of a digital TV channel were revealed.
The financial problems at Rosemary Conley Food & Fitness Ltd have been attributed to the cost of launching a dedicated television channel.
The company say since its launch Rosemary Conley TV has failed to make a return, and has been draining the company's resources 'for years'.
More than one million pounds was originally used to set the digital channel up. The magazine arm of the fitness guru's business, Quorn House Publishing Ltd, is also in trouble, with a slump in sales also being blamed for the company's financial problems.
In a statement about administrators being called in to two business run by Rosemary Conley. the Leicestershire fitness expert stressed fitness classes up and down the country would not be affected. She said:
It is business as usual for all the classes around the country. But for the core business the Board and I have had to make this difficult decision.
It’s a day which the team and I have worked incredibly hard to try to avoid but the Board and I believe that this is the most responsible course of action to take. We hope that the process of administration will give us more options and help us to transform the business through new investment”.