Halo health food company has unexpectedly shut down
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It’s no secret that life is unpredictable, and that extends to the world of business as well–a company could be barrelling along, going strong and expanding its portfolio, only to go under in the blink of an eye.
This is what happened to Halo Food Co Limited, who, despite their success, has gone into administration. It was reported that David Hargy, Ryan Eagle and Emily Seeckts from KMPG Australia were appointed as receivers. KordaMentha was appointed as voluntary administrators.
'The receivers have now assumed day-to-day control of the Halo Group,' a KPMG spokesperson explained.
'An immediate sale campaign to recapitalise or acquire the assets of Halo Group has commenced.'
Sadly, this may be the end to one of Australia’s most popular health and wellbeing brands.
Halo Food is the parent company of a range of entities, including Halo Manufacturing Pty Ltd, Halo Food Co. Trading Pty Ltd, and Omni Brands Pty Ltd.
Some brands under the company are The Healthy Mummy (which boasted an extensive range of wellness products for mums), the ‘premium functional beverage brand’ Tonik, luxury fudge makers Gran’s, and powdered milk producers Key Dairy.
They sold their products in convenience stores and supermarket chains like Coles.
The company's website, which is still active, read: 'Based in Sydney and Melbourne, Australia and Christchurch, New Zealand, Halo Food Co. is an established brand owner and manufacturer and exporter of formulated dairy and non-dairy nutritional products and health and wellness brands.'
'We source the best ingredients possible, so you don’t have to worry about what’s on the back of the pack and, more importantly, what is in the product.'
'Our products are sold in supermarkets and retail chains across New Zealand and Australia and exported to overseas supermarkets and retail chains in China, Hong Kong, Taiwan, Vietnam and the Middle East.'
According to reports, the manufacturing arm of Halo Food Co. made a whopping revenue of $51.8 million in the latest financial year–a 26 per cent increase from the previous financial year.
Tonik, one of its prominent brands, grew by 71 per cent through partnerships with supermarkets and convenience stores.
However, this was not enough to save the business, and by the time a trading halt was put on the company’s shares, its share price was only at $0.007.
Just this year, popular weight loss giant Jenny Craig has officially announced that it will be closing its physical stores in Australia.
It hasn’t been that long since Jenny Craig Australia also went into administration, a decision that came after its US counterpart closed its doors for good. The company continued its operations while administrators investigated options for restructuring the business.
However, after weeks of searching for a buyer and restructuring the business, with all staff being made redundant and the company being liquidated, the company eventually filed for bankruptcy.
You can read more about the news here.
Which Halo Food products have you tried before? Let us know in the comments below!
This is what happened to Halo Food Co Limited, who, despite their success, has gone into administration. It was reported that David Hargy, Ryan Eagle and Emily Seeckts from KMPG Australia were appointed as receivers. KordaMentha was appointed as voluntary administrators.
'The receivers have now assumed day-to-day control of the Halo Group,' a KPMG spokesperson explained.
'An immediate sale campaign to recapitalise or acquire the assets of Halo Group has commenced.'
Sadly, this may be the end to one of Australia’s most popular health and wellbeing brands.
Halo Food Co., which has gone into administration and receivership, is the parent company of Tonik, The Healthy Mummy, Key Dairy, and Gran’s. Image source: Halo Food Co. / SDC.
Halo Food is the parent company of a range of entities, including Halo Manufacturing Pty Ltd, Halo Food Co. Trading Pty Ltd, and Omni Brands Pty Ltd.
Some brands under the company are The Healthy Mummy (which boasted an extensive range of wellness products for mums), the ‘premium functional beverage brand’ Tonik, luxury fudge makers Gran’s, and powdered milk producers Key Dairy.
They sold their products in convenience stores and supermarket chains like Coles.
The company's website, which is still active, read: 'Based in Sydney and Melbourne, Australia and Christchurch, New Zealand, Halo Food Co. is an established brand owner and manufacturer and exporter of formulated dairy and non-dairy nutritional products and health and wellness brands.'
'We source the best ingredients possible, so you don’t have to worry about what’s on the back of the pack and, more importantly, what is in the product.'
'Our products are sold in supermarkets and retail chains across New Zealand and Australia and exported to overseas supermarkets and retail chains in China, Hong Kong, Taiwan, Vietnam and the Middle East.'
According to reports, the manufacturing arm of Halo Food Co. made a whopping revenue of $51.8 million in the latest financial year–a 26 per cent increase from the previous financial year.
Tonik, one of its prominent brands, grew by 71 per cent through partnerships with supermarkets and convenience stores.
However, this was not enough to save the business, and by the time a trading halt was put on the company’s shares, its share price was only at $0.007.
Just this year, popular weight loss giant Jenny Craig has officially announced that it will be closing its physical stores in Australia.
It hasn’t been that long since Jenny Craig Australia also went into administration, a decision that came after its US counterpart closed its doors for good. The company continued its operations while administrators investigated options for restructuring the business.
However, after weeks of searching for a buyer and restructuring the business, with all staff being made redundant and the company being liquidated, the company eventually filed for bankruptcy.
You can read more about the news here.
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or maybe they needed to get one
