Experience

Industry

Manufacturing, Voluntary Administration

Appointment Type

Voluntary Administration

The Situation

The Company had followed up its successful pitch of the TV show Shark Tank with substantial capital raises but five years later had never reported a profit.

It had started borrowing substantial funds at high-interest rates and had already attempted to facilitate a sale of the business to solve its solvency concerns. These efforts had been unsuccessful.

Manufacturing was occurring both locally and overseas and to secure stock supplies, the Company had surrendered 70% of its profits to procure the assistance of an investor.

The Solution

Following our appointment, we undertook a marketing campaign to sell tooling used in the manufacture of the pegs, domain names, patents and trademarks.

Ultimately, we were successful in selling the business to a local with expertise in logistics which provided an opportunity to make the product profitable.

The Outcome

We preserved a local business and the product continues to be sold on shelves today.