Mara Seaweed has appointed administrators.
The seaweed harvesting and seaweed-based seasonings manufacturer was founded in 2011 as Celtic Sea Spice Company, rebranding to Mara Seaweed in 2013.
It operated from a purpose-built factory in Nasmyth Road, Glenrothes and sold to wholesale, trade, retail and direct to consumers.
The company won a number of ‘Great Taste’ and food industry awards, while its products regularly featured on TV shows such as the Great British Bake Off.
The administration was triggered by working capital issues following the withdrawal of funding for a committed expansion programme, which in turn led to unsustainable cash flow problems, with administration being the only option.
Joint administrators from FRP Advisory will now market the brand and assets of the business for sale and are urging interested parties to make contact as soon as possible.
Five staff are being retained for a short period to assist with the sale of stock, but seven staff have been made redundant with immediate effect.
Administrators stated that support will be provided to these employees, including assistance with claims to the Redundancy Payments Office for any wages or entitlements due.
Callum Carmichael, partner with FRP Advisory, 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.
“We would ask interested parties to contact the Edinburgh office of FRP Advisory.”
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