Sheffield yoga company goes bust due to pandemic
A Sheffield yoga company has gone out of business due to the pandemic.
Hot Yoga Sheffield Ltd, on Edgedale Road, Brincliffe Edge, took out a bounce back loan to pay creditors but was unable to repay it as the restrictions continued.
In May 2021, the company approached insolvency firm Begbies Traynor about its financial position. It led to a board resolution on July 14 that it was unable to pay its debts.
Kris Wigfield and Jo Hammond of Begbies Traynor were appointed joint liquidators to oversee the orderly winding up of the business. There were no employees at the time of their appointment. No buyer came forward to continue the business, they said.
The company was established in 2013 by yoga teachers Koreen Clements, a Canadian, and American Anne Gordon. It ceased trading at the start of the first lockdown in March 2020.
Hot yoga is performed under hot and humid conditions with the aim of enhancing the benefits of the activity.