A well-established and much-loved company that shocked investors and the general public when it appointed external administrators has managed to turn the tables.
Last month, Melbourne-based Nourish Food announced that a massive deal had fallen through at the 11th hour and they’d had no choice but to go into voluntary administration.
Tempo is a 23-year-old Australian family-owned company and has major global deals selling consumer appliances and electronics. Its acquisition of Nourish Food could spell Tempo’s interest in breaking into the food space. Its Whole Kids brand debuted on Woolworths supermarket shelves and saw sales grow by 77 per cent at the grocery giant.
The business had previously raised $2.4 million in crowd-funding campaigns to aid its expansion and was seeking a further $2 million in May. “With no capacity to relaunch our crowdfund campaign and no other realistic option to fund the business, we faced the difficult position of considering voluntary administration.”At first, Mark Everingham and Tim Heesh of insolvency firm TPH Advisory were appointed as administrators.
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