Mara Seaweed, a UK supplier of seaweed-based seasonings, has entered administration.
The company, based in Glenrothes in Scotland, faced severe working capital issues after the withdrawal of funds intended for expansion, according to restructuring firm FRP Advisory. As a result, the company experienced unsustainable cash flow problems and was left with no choice but to declare administration.
Formerly known as Celtic Sea Spice Company, Mara Seaweed has been operating for 12 years and rebranded in 2013. It supplied seaweed-based seasonings to wholesale and retail channels and also sold directly to consumers.
The administrators are now actively seeking buyers for the brand and assets of the business. While five staff members will be retained temporarily to assist with the sale of stock, seven have been made redundant with immediate effect.
Callum Carmichael, a partner with FRP Advisory, highlighted Mara Seaweed’s outstanding reputation for its innovative approach to harvesting and high-quality products within the food industry.
