Managed operator Barracuda, led by Mark McQuater, has indicated that new openings are unlikely in the short term, given market conditions.
The company has reported it took an impairment charge of £20.9m in the year to 27 September 2008 "based on EBITDA multiples at that time".
The carrying value of goodwill was also reduced from £5.4m to nil to make a total impairment charge of £26.29m.
The impairment charge came despite the opening of 12 sites, which traded ahead of expectations.
In the year, there were eight major refurbishments and re-brandings with each "trading well". Barracuda, which finalised accounts for the period at the end of September this year, saw turnover of £111.24m in 2008 compared to £97m the year before.
However, there was a loss before tax of £21.77m compared to a profit of £5.43m the year before.
The 225-outlet company's banking partners, led by Royal Bank of Scotland, undertook a debt-for-equity swap during the summer, with the banks assuming a significant stake in the business.
The amount of debt in place at Barracuda was reduced by £84m to £163m. The company is currently undertaking the refurbishment of 22 sites at a cost of £3m.
Barracuda chief executive Mark McQuater told the Morning Advertiser: "These figures reflect the general downturn in the economic climate and are mainly a result of the impact of a fall in value of commercial properties, which has affected not only Barracuda, but the industry as a whole.
"Having reduced and restructured our debt and attracted a new cash equity injection this summer, we are now in a much stronger position to reinvest in and grow our business."