Popular health food company Bounce has entered voluntary administration.
Bounce had been popular for its range of protein balls and other health snacks, however, the company has fallen on tough times.
Documents published by the Australian Securities and Investments Commission (ASIC) last Friday have shown that Natural High Co Pty Ltd, which operates Bounce Foods, has entered administration.
John McInerney and Philip Campbell-Wilson have been appointed as administrators.
“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 told 7News.
“This heavy debt burden inhibited the company’s ability to access necessary working capital to fund its Australian operations.”
The company has operated in Australia since 2004, leaving it with a “strong presence in the market”, Mr McInerney said.
“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 online food store and social media are still up and running and its products are still available in supermarkets.