Health food brand Bounce Foods has gone into voluntary administration, with all staff stood down and administrators appointed. The company was founded in 2004 and had a failed launch into the US in 2016.
John McInerney and Philip Campbell-Wilson from Grant Thornton Australia have been appointed administrators.
McInerney said the company went into voluntary administration because of a heavy debt burden.
In 2014, company founders Andy and Paula Hannagan moved to the US to establish the brand in the American market. The launch in 2016 was unsuccessful and the project cost the company around $6 million.
This heavy debt burden inhibited the companys ability to access necessary working capital to fund its Australian operations, McInerney said…
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