Mandatory Provident Fund Authority's Role in PerFACE's Acquisition of Physical Gym

Mandatory Provident Fund Authority's Impact on PerFACE and Physical Gym

A Hong Kong medical beauty company, PerFACE, has announced plans to take over the recently closed fitness chain Physical. This decision comes after a former branch of the gym has undergone a second name change. A spokesman for PerFACE stated that the medical beauty chain had been interviewing past Physical employees and is considering establishing a company to take over the gym business.

The group is conducting job interviews with former Physical employees, aiming to retain talent to offer high-quality and professional fitness and beauty services.

The PerFACE Aesthetic group is formed under the parent company named Fameglow Holdings, which was listed in Hong Kong in 2018. The medical beauty company announced its role in the gym chain’s operations after the city’s consumer watchdog contacted the new investor of “Healthy,” the rebranded Wan Chai branch of Physical.

Expansion Plans and Employee Retention

The Wan Chai gym at Capital Building has been renamed as “Perfit.” The spokesman added that PerFACE hopes to expedite the opening of two “Perfit” branches, one in Capital Building and another in Hollywood Plaza in Mong Kok.

• PerFACE plans to negotiate with landlords of other branches to explore the opportunities of operating at the original locations, thus minimizing the impact on customers.
• Over 700 former Physical workers were interviewed, with 200 of them retained as of Friday.
• The company aims to hire all former employees from Physical.

Physical announced its closure on September 6, ending 38 years of business after the Mandatory Provident Fund Authority accused its original owner of not paying HK$3 million (US$386,000) in contributions and arrears to 740 employees.