Popular well being meals firm Bounce has entered voluntary administration.
Bounce had been in style for its vary of protein balls and different well being snacks, nonetheless, the corporate has fallen on robust instances.
Documents revealed by the Australian Securities and Investments Commission (ASIC) final Friday have proven that Natural High Co Pty Ltd, which operates Bounce Foods, has entered administration.
John McInerney and Philip Campbell-Wilson have been appointed as directors.
“Natural High Co went into voluntary administration due to a heavy debt burden, largely due to a failed attempt to successfully launch in the US in 2016, which cost the company (approximately) $6m,” Mr McInerney informed 7News.
“This heavy debt burden inhibited the company’s ability to access necessary working capital to fund its Australian operations.”
The firm has operated in Australia since 2004, leaving it with a “strong presence in the market”, Mr McInerney mentioned.
“An urgent expression of interest sale campaign has been commenced by the administrator to find a buyer to take over the business and continue supply to customers.
“The founders, Paula and Andy Hannagan, are willing to support the brand, under the control of a purchaser, to ensure that it remains available to customers and reaches its full potential.”
Despite the announcement Bounce’s on-line meals retailer and social media are nonetheless up and working and its merchandise are nonetheless obtainable in supermarkets.
Source: www.perthnow.com.au
