Bounce Foods enters into administration

Bounce Foods, a popular protein ball and healthy snack brand, has entered into voluntary administration due to a heavy debt burden.

The Australian brand was founded in 2004 by Paula and Andy Hannagan. Bounce’s protein balls and healthy snacks are sold in convenience retailers and supermarkets across the country.

Documents published by the Australian Securities and Investments Commission (ASIC) on Friday show Natural High Co Pty Ltd, which operates Bounce Foods, has appointed John McInerney and Philip Campbell-Wilson of Grant Thornton as administrators.

McInerney told 7News that Natural High Co went into voluntary administration due to a heavy debt burden, largely due to a failed attempt to successfully launch in the USA in 2016, which cost the company (approximately) $6 million.

“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’.”

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.”

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