Wellfully (ASX:WFL) - Voluntary Administration

Wellfully (ASX:WFL), a Perth-based beauty and wellness company, entered voluntary administration on 18 August. Despite successfully bringing two brands to market (RÉDUIT, a skincare product, and SWISSWELL, a knee pain product), and developing a host of other proprietary technologies, the company has been unable to achieve profitability, with accumulated losses standing at over $50.0 million. Despite recent attempts to change strategy, the company did not have the working capital to continue operations. Bryan Hughes and Christopher Pattinson of Pitcher Partners were appointed joint administrators.