The landlord for luxury fitness chain SoulCycle has filed a court order calling for the cycling gym’s London arm to be wound up.
Cadogan Estates - which owns large swathes of land in Chelsea - filed a winding up petition to the High Court under the Insolvency Act, related to a property on the King’s Road that was originally set to open in 2019, but has been subject to extended delays.
Much of those delays related to Covid-19 measures, which badly hit SoulCycle’s business. Last year, the group closed a quarter of its US studios amid falling revenue.
“Whilst we are disappointed by the landlord's decision to file this petition, we understand this is a matter of procedure,” a SoulCycle spokesperson said.
“ Despite the challenges presented by the COVID-19 pandemic, we remain committed to serving our riders in the UK and we will continue to try to resolve this issue through negotiation with the landlord.”
SoulCycle does have two sites in London - one in Soho and one on the Portobello Road - where it charges £26 for spin classes in darkened rooms, led by instructors who the business says “guide riders through an inspirational, meditative fitness experience designed to benefit the body, mind and soul”.
The wider SoulCycle business - owned by Equinox Group - operates 83 studios, mostly in the US, with customers including Michelle Obama, Beyoncé, Victoria Beckham and Madonna.
