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Five Point Fours collapse leaves thousands of people in the lurch

Author : Paroma Bhattacharya | Published Date : 2019-03-18 

The company recently issued a notice of administration to the ASIC (Australian Securities & Investments Commission).

Brisbane-based health food delivery company, Five Point Four, is reportedly going to close down, much to the surprise of its massive customer base and over 230,000 online followers. The Instagram-famous company, that supplied pre-packaged meals highly endorsed by social influencers, has left people in the lurch with its sudden collapse in business.

As per authentic reports, the company has alluded to burgeoning costs and competition as major reasons behind the collapse. The company’s popular Facebook and Instagram accounts have been deactivated following the latest instance. The company is also reported to have around 20,000 customers, along with about $12 million in revenue.

Five Point Four, for the record, was established in 2013 by Ben Doolan, a Melbourne-based entrepreneur, who recently revealed in a statement that owing to rising competition and expenses, the company is forced to take a quite tough decision to not take orders any more.

As reported by ABC News, Five Point Four, with around 30,000 followers on Instagram, won a number of awards including the ‘Brisbane Lord Mayor’s Small Business Growth’ award back in 2016, and was enlisted as number 18 on the 2016 Fast Starters List of business magazine BRW. The company recently said that its customer service team will work on processing the refunds in the coming days for customers having placed pre-paid future orders. 

Sources revealed that UFC fighters and Wallabies stars, as well as Instagram celebrities were among the greatest clientele of the company, who were known to generate over $12 million each year. Sources added that Wallabies players James Hanson and Jesse Mogg have worked with the brand and eight of their teammates have also invested in personalized meal plans with an aim to promote clean, low-carbohydrate and high-protein dieting for inspiring players to prepare for the rugby season.

About Author

Paroma Bhattacharya

Paroma Bhattacharya

Paroma Bhattacharya, having completed her post-graduation in Journalism and Mass Communication, started her career in writing with resourceful and informative content development across diverse fields. Having dealt in myriad topics ranging from business to real estate, she now pens down articles for fractovia.org and other portals. She can be contacted at- [email protected] | https://twitter.com/paromab1

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