An award-winning Scottish company which saw its products feature regularly on the Great British Bake Off has collapsed into administration, with buyers now being sought.
Callum Carmichael and Chad Griffin, partners of FRP Advisory, have been appointed joint administrators of seaweed harvesting and seaweed-based seasonings manufacturer, Mara Seaweed Limited.
The administrators said the insolvency was triggered by “severe working capital issues following the withdrawal of funding for a committed expansion programme, in turn leading to unsustainable cash flow problems with administration being the only option”.
They described Mara Seaweed’s reputation in the food industry, for innovation and quality, as “outstanding”.
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Founded in 2011 as Celtic Sea Spice Company, the business rebranded as Mara Seaweed in 2013 and pioneered the harvesting, processing and manufacture of a wide range of seaweed-based seasonings, the administrators noted.
Mara Seaweed operated from a purpose-built factory in Nasmyth Road, Glenrothes, and sold to wholesale, trade, and retail customers and direct to consumers.
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The company won a number of “Great Taste” and food industry awards, and its products featured regularly on television shows such as the Great British Bake Off, the administrators said.
The administrators added they would now market the brand and assets of the business for sale and are urging interested parties to make contact as soon as possible.
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Five staff are being retained for a short period to assist with the sale of stock but seven employees have been made redundant with immediate effect.
The joint administrators said they would “provide every support to the employees”, including assistance with claims to the Redundancy Payments Office for any wages or entitlements due.
Mr Carmichael said: “Mara Seaweed had developed a very high profile and outstanding reputation within the food industry for its innovative approach to harvesting and for the quality of its products.
“The administration provides an opportunity for a business operating in the food seasonings sector, or an entrepreneur keen to enter the rapidly growing seaweed seasonings business.”
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