Beston Global Food (ASX:BFC) appointed KPMG representatives to serve as its joint administrators as the food and beverage firm goes into voluntary administration, according to a Monday filing with the Australian bourse.

The move was made amid a "perfect storm of adverse events in recent times," including high production costs and farmgate milk prices, the filing said.

The administrators will handle the company's trading and day-to-day operations as they assess options, including a potential sale or recapitalization.

Beston said in a Sept. 11 release that it received an offer from Megmilk Snow Brand (TYO:2270) to acquire its cheese and lactoferrin production facility in Jervois, South Australia. However, talks between both parties fell through last Sept. 20, as per the filing.

Its shares will continue to be suspended during the administration process, while a statutory meeting with creditors is scheduled for Oct. 2.