RUMOUR CONFIRMED: A well-known fitness institute that went into administration last month has closed its doors.

3AW Breakfast was told that students received an e-mail on Tuesday night telling them not to come in.

Sage Institute of Fitness in Sydney and Brisbane has closed permanently.

The Melbourne campus will be closed for seven days.

It is believed 150 staff have been made redundant from the national office, while work continues with administrators.

The institute took $32 million from the government under the VET FEE HELP scheme, but only graduated 45% of it’s students.

3AW finance commentator, Ross Greenwood, told Neil Mitchell there simply wasn’t any money coming in. 

‘This company went into voluntary administration in February…the reason for that is because it’s getting no more money from the government.’

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