Bounce Foods protein ball company suddenly collapses: products sold at Woolworths, Coles and Amazon
A popular company that makes protein balls went into administration after it tried to break into the US market, costing it a staggering $6 million.
Natural High Co Pty Ltd, trading as Bounce Foods, has filed for insolvency, the Australian Securities and Investments Commission (ASIC) revealed last Friday.
Bounce Foods, which was one of the first companies in the country to specialize in high-protein snacks, struggled due to a “heavy debt load.”
John McInerney and Philip Campbell-Wilson of Grant Thornton were appointed joint administrators.
‘Natural High Co went into voluntary administration due to a large debt load, largely due to a failed attempt to launch successfully in the US in 2016, costing the company [approximately] $6 million,” McInerney said. 7News.
Bounce Foods was one of the first Australian companies to specialize in high protein snacks
It comes after Natural High Co, trading as Bounce Foods, attempted to enter the US market, setting the company back a staggering $6 million.
“This heavy debt burden inhibited the company’s ability to access the working capital necessary to finance its Australian operations.”
He said an urgent expression-of-interest sale campaign is underway to find a buyer to take over the business so it can continue supplying the popular snacks.
“The founders, Paula and Andy Hannagan, stand ready to support the brand, under the control of a buyer, to ensure it remains available to customers and reaches its full potential,” said Mr. McInerney.
“This heavy debt burden inhibited the company’s ability to access the working capital necessary to finance its Australian operations,” joint administrator-designate John McInerney said.
