Popular Australian protein bar company Bounce Foods has found a new buyer after the company entered voluntary administration last month.
Protein fanatics were heartbroken to hear the news that on July 14 administrators were appointed to Natural High Co Pty Ltd trading as Bounce Foods.
John McInerney and Philip Campbell-Wilson of Grant Thornton were appointed as joint administrators.
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However, in an update this week, a spokesperson told 7NEWS.com.au shortly after commencement of the administration, an expression-of-interest sale campaign commenced to find a buyer.
“We are pleased to advise that on August 2, 2023 the Bounce brand and related IP was sold to Go Natural Australia Pty Ltd, who is the new owner and operator of the ‘Bounce’ brand and its business,” a Grant Thornton spokesperson said.
“As administrators we are glad to have been able to support the brand during the voluntary administration process and to find a suitable buyer who appears motivated to see the brand continue.”
Known for their range of “protein balls”, the company was founded in 2004 and was one of the first Australian companies to specialise in high-protein snacks.
The two decade old company entered voluntary administration last month. Credit: Bounce
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Last month, McInerney told 7NEWS.com.au the company had gone into administration.
“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,” he said.
“This heavy debt burden inhibited the company’s ability to access necessary working capital to fund its Australian operations.”
McInerney added Bounce Foods has had a “strong presence in the market”.
The Bounce Foods online store remains live and the products are still in stock at major supermarkets nationwide such as Woolworths and Coles.
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