Callum Carmichael and Chad Griffin, partners with FRP Advisory, have been appointed joint administrators of Mara Seaweed Limited, the seaweed harvesting and seaweed-based seasonings manufacturer.

Seven staff at the Glenrothes-based firm have been made redundant with immediate effect, with five being retained for a short period to assist with the sale of stock.

The administration 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.

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.

Mara Seaweed sold to wholesale, trade, retail and direct to consumers and won a number of food industry awards, with its products featuring regularly on TV shows such as the Great British Bake Off.

The joint administrators are now marketing the brand and assets of the business for sale and are urging interested parties to make contact as soon as possible.

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.”