The administrators who saved a network of yoga studios have appointed CAPA to audit the premium London locations of the studios, as the business continues its recovery under new ownership.
Quantuma, the corporate restructuring, rescue and insolvency firm, has instructed CAPA to conduct rates audits on the premises where Triyoga’s studios were operated, as Quantuma looks for further ways to maximise returns to Triyoga’s creditors.
Having operated for more than 22 years, Tryioga provided yoga classes and workshops at various studios across central London, with sites located in Soho, Shoreditch, Camden, Chelsea and other affluent areas.
The company had initially been impacted by the pandemic, facing challenges in having to create contingency plans at speed for the lockdown restrictions.
When the restrictions were lifted, some customers who worked in the City of London and its surrounding areas began to return to offices, but companies’ flexible working patterns meant that many people remained at home while working.
As a result, footfall at each studio did not return to pre-pandemic levels because a large proportion of customers were not commuting into offices, and therefore not practicing yoga before or after work.
Triyoga’s significant losses continued through 2021 and 2022 amid this trend and ultimately, Simon Bonney, James Varney and Michael Kiely of Quantuma were appointed joint administrators in September 2022.
By way of a pre-pack administration, they were able to sell the business and its assets to a new owner, enabling a number of the studios to continue operating.
Since their appointment, the administrators have called in CAPA, giving an instruction that will see CAPA’s Audit team conduct a forensic investigation of data on rates paid to the local authorities at each London studio.
The team will use bespoke software to interrogate the data, to detect any errors or overpayments, before recovering overpaid sums for creditors.