Inspire Health and Fitness Centre shut its doors last week after a decade in operation.
Inspire Trust chairman Ken Mair said the arrival of the traffic light system, on top of the lockdowns the country had experienced, meant the gym had to make an extremely difficult decision.
"At the end of the day, it's a decision based upon the economic situation due to Covid-19 over the past 18 months," Mair said.
"We want to acknowledge our members that have kept us going.
"They've been extremely loyal. Since the message has gone out there we've had really positive feedback around how it's been a social centre where people mix and talk about everything and anything."