Despite making changes during the pandemic to cut costs, the business could no longer continue.
It had to maintain the service levels members expected, he said.
The directors did not anticipate any improvement to BodyTech's prospects in the foreseeable future and decided that they have no option but to close, he said.
Membership subscription payments will be stopped from today, Rana told members.
"The next few days are complimentary for all members. It is an opportunity to come in to work out and say farewell to the BodyTech team," he said.
All membership subscriptions paid in advance beyond today, any prepaid unused personal training sessions or other unused pre-paid services will be refunded.
"We ask for understanding and patience at this time, as it may take us several weeks to process all refunds and we will endeavour to get through them in a timely manner," Rana said.
He thanked loyal gym-goers.
The Herald has reported how other gyms have suffered as well.
Gyms have been places of Covid contact and others have shut too.
Snap Fitness in Browns Bay closed for cleaning for a few days two years ago, amid the early impact of Covid-19 in New Zealand.