The co-founder of Bounce Foods has confirmed the Australian protein snacks maker has gone into voluntary administration.

Andy Hannagan, who set up the Erina, New South Wales-based business in 2004 with his wife Paula, cited the “ongoing debt burden and trading conditions” for the decision to enter the administration process.

In a post on LinkedIn, he said: “This was a difficult decision but it was the right one for the company at this time. We are confident from the interest in the market that a new owner will be able to take the brand to the next level.”

Bounce Foods produced a range of snacks such as filled protein balls, protein and energy bars and cookies. The company also offered keto ‘good fat’ bars. Its products were sold through Australian retailers such as Woolworths and Coles and online via its own website.

John McInerney and Philip Campbell-Wilson of Grant Thornton have been appointed as joint administrators for Bounce Foods, which was registered as the Natural High Co.

McInerney said in a statement provided to Just Food: “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.”

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That endeavour cost about A$6m ($4.05m), McInerney added.

“This heavy debt burden inhibited the company’s ability to access necessary working capital to fund its Australian operations,” McInerney said. “An urgent expression of interest sale campaign has commenced by the administrator to find a buyer to take over the business and continue supply to customers.”

Mr Hannagan said in his LinkedIn post: “We have no regrets about chasing global dreams, and we believe that the Bounce brand has the potential to be a major player in the global health and wellness market inside a new ecosystem.

“We remain committed to the legacy of Bounce Foods and are open to discussing how we can contribute and work with a new owner. We believe that our passion, energy, experience and knowledge of the brand would be a valuable asset.”

Elsewhere in Australia, Ernest Hillier, an Australia-based chocolate maker, also went into voluntary administration in June under the appointment of WLP Restructuring Partners. Rising operating costs were cited in that instance.