I have invested in this company and remain invested for 4 years only to see pedestrian returns for my investment exactly due to reasons mentioned by you. Looking at quarterly results, it almost feels like “choreographed” numbers… never shock nor pleasant surprise… always around 20+% growth. Company has dodgy related parties and their HiFi model leaves lot of doubts about the beneficiaries of these Gyms… Owners reduced stake few years back, asset deletions on annual basis is always a cause of concern and suspicion… Too many red flags so ultimately I sold out all of my positions around 1 year back… so happy with my decision 
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