Popular Australian protein bar company Bounce Foods has entered voluntary administration.
Known for their range of “protein balls”, the company was founded in 2004 and was one of the first Australian companies to specialise in high-protein snacks.
However, documents published by the Australian Securities and Investments Commission (ASIC) last Friday revealed Natural High Co Pty Ltd, trading as Bounce Foods, has entered administration.
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John McInerney and Philip Campbell-Wilson of Grant Thornton have been appointed as joint administrators.
McInerney confirmed to 7NEWS.com.au the company had gone into administration.
“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) $6 million,” he said.
“This heavy debt burden inhibited the company’s ability to access necessary working capital to fund its Australian operations.”
McInerney added Bounce Foods has had a “strong presence in the market”.
“An urgent expression of interest sale campaign has commenced by the administrator to find a buyer to take over the business and continue supply to customers,” he said.
“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.”
The Bounce Foods online store does remain live, however, and the products remain in stock at major supermarkets nationwide such as Woolworths and Coles.
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