Australian Protein Ball Giant, Bounce Foods, Takes Voluntary Administration Route
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Another day, another homegrown company in the red.
Bounce Foods, among the first Australian companies to specialise in high-protein snacks, has entered voluntary administration.
Established in 2004, Bounce Foods kicked off trendsetting in the high-protein snack domain on home soil. But as they say, progress doesn't come without a pinch of challenge.
The news has become public that Bounce Foods had to leap into voluntary administration due to an unfortunate debt predicament.
The official documents served by none other than the Australian Securities and Investments Commission (ASIC) unveiled that the brand we've known and trusted, Natural High Co Pty Ltd (trading as Bounce Foods), is in crisis mode.
Special administrators John McInerney and Philip Campbell-Wilson from Grant Thornton have taken the reins and are spurring for a comeback.
McInerney, confirming to the press, revealed, '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.'
This financial misstep brought about a snag in their route to obtaining needed working capital to fund their Aussie operations.
However, as grim as the clouds appear over Bounce Foods, there indeed is a silver lining on the horizon.
Gracing the markets with its prominent presence and setting the benchmark high, the company holds solid potential for a bounce-back, according to McInerney.
'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 brand's founders Paula and Andy Hannagan have also expressed their staunch support for their brainchild despite taking a step back.
For the time being, the Bounce Foods online store is very much alive and kicking, and there is no word of discontinued production.
Your favourite protein goodies are also available at all major supermarkets across the country, including Woolworths and Coles.
Protein intake is crucial for maintaining muscle mass, supporting a healthy immune system, and promoting overall well-being.
On your next grocery outing, why not pop a packet or two of Bounce Foods protein balls into your trolley?
Health benefits aside, you'll be lending a hand to an Australian business finding its footing.
Have you ever tried their products? How are you taking this news?
Bounce Foods, among the first Australian companies to specialise in high-protein snacks, has entered voluntary administration.
Established in 2004, Bounce Foods kicked off trendsetting in the high-protein snack domain on home soil. But as they say, progress doesn't come without a pinch of challenge.
Bounce Australia is a popular health food brand known for its nutritious and delicious protein balls. Source: Facebook
The news has become public that Bounce Foods had to leap into voluntary administration due to an unfortunate debt predicament.
The official documents served by none other than the Australian Securities and Investments Commission (ASIC) unveiled that the brand we've known and trusted, Natural High Co Pty Ltd (trading as Bounce Foods), is in crisis mode.
Special administrators John McInerney and Philip Campbell-Wilson from Grant Thornton have taken the reins and are spurring for a comeback.
McInerney, confirming to the press, revealed, '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.'
This financial misstep brought about a snag in their route to obtaining needed working capital to fund their Aussie operations.
However, as grim as the clouds appear over Bounce Foods, there indeed is a silver lining on the horizon.
Gracing the markets with its prominent presence and setting the benchmark high, the company holds solid potential for a bounce-back, according to McInerney.
'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.
Their products are made with natural ingredients, providing a convenient and wholesome snack option for individuals seeking a balanced and active lifestyle. Source: Bounce Australia
The brand's founders Paula and Andy Hannagan have also expressed their staunch support for their brainchild despite taking a step back.
For the time being, the Bounce Foods online store is very much alive and kicking, and there is no word of discontinued production.
Your favourite protein goodies are also available at all major supermarkets across the country, including Woolworths and Coles.
Protein intake is crucial for maintaining muscle mass, supporting a healthy immune system, and promoting overall well-being.
On your next grocery outing, why not pop a packet or two of Bounce Foods protein balls into your trolley?
Health benefits aside, you'll be lending a hand to an Australian business finding its footing.
Have you ever tried their products? How are you taking this news?
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