UDPATE: Uptown Bounce trampoline parks put into liquidation amid increased rivalry
(Adds further detail on customer deposits in final paragraph)
By Tina Morrison
May 21 (BusinessDesk) - Uptown Bounce trampoline parks in Wellington and in Avondale, Auckland, have closed after the companies behind them were put into liquidation as increased competition hurt customer numbers. Uptown Bounce in Grey Lynn in Auckland remains open.
The Avondale business was put into liquidation on March 27, while the Wellington business was placed into liquidation on May 16. Liquidators Boris van Delden and Peri Micaela Finnigan of McDonald Vague in Auckland estimate in their first report that secured creditors The Fantl Family Trust and The Richard Riddiford Trust are owed $282,981, unsecured trade creditors are owed $80,000, and the Inland Revenue Department is also due funds for GST, PAYE and other payroll deductions. Details of the value of the assets, including plant, equipment and stock have been redacted and the total value estimated to be realised is put at just $1.
Brothers Ezra Fantl and Dan Fantl set up the Uptown Bounce business in the Auckland suburb of Grey Lynn in early 2015, and later expanded to Rongotai in Wellington and Avondale in West Auckland. The men had backgrounds in the fitness industry, having played basketball and worked for Les Mills International. The facilities have wall-to-wall trampolines and passes are generally for one hour. When the Avondale trampoline park opened, Ezra Fantl told local media it was three times the size of Grey Lynn and cost about $500,000 to fit out. Rival trampoline park operator Jump also has a facility in Avondale.
"The liquidators have met with the director and been advised that the liquidation of the company was due to increased competition in the area, leading to a loss of customers," van Delden said in his report.
"If any creditor is interested in or knows of any other party who may be interested in purchasing any of the assets, please advise us urgently," the report says.
Van Delden told BusinessDesk the liquidators are in the process of advertising for buyers for the businesses.
The next update for creditors will be a six-monthly report.
There were no outstanding customer deposits for birthday parties at the date of the appointment, and the liquidators haven't received any new claims since then.