Gilchrist stepped down as chief executive in July 2022, just after it nearly collapsed with the company revealing it was at the mercy of its banks for continued financing. This news brought its plans for global domination – which underpinned its share price – to a screeching halt.

Gilchrist was paid more than $US7 million ($10 million) in cash under the terms of his contract for stepping down as CEO. Another 110 employees – about 45 per cent of the company’s workforce – lost their jobs as the company tried to preserve cash and accelerate plans to break even.

Gilchrist left the board in April this year just after the New York Stock Exchange-listed group said it would not be able to file its 2022 annual results due to issues with its auditor.

The group has failed to file any accounts since then.

F45 started with one gym in Australia in 2013. It developed the global franchise on the back of 45-minute functional high-intensity interval and circuit training classes, which attracted Wahlberg as a franchisee and investor in 2019.

“You want to be in there with the energy of people working out with you, alongside you, inspiring you, pushing you and supporting you,” Wahlberg told CNBC just ahead of F45’s market debut in 2021.

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After a recent board purge, Wahlberg is one of the few directors who have survived.

F45 said its board and management had begun implementing measures to address what it describes as material weaknesses in its accounting processes and controls.

“Management continues to assess the effect of any restatements on the company’s internal controls over financial reporting and its disclosure controls and procedures. The company expects to report one or more material weaknesses following the completion of its analysis discussed above,” it said.

F45’s lenders have agreed to waive any conditions relating to the late filing of its financial accounts until August 31. In its accounts lodged for the September quarter last year F45 reported total liabilities of $US183 million.

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