Allplants, a plant-based meal manufacturer, has entered administration, resulting in 65 job losses.
- The executive team had been collaborating with recovery firm Interpath on restructuring and refinancing options.
- Production at Allplants’ manufacturing site has ceased, marking an end to its operations.
- The company expanded its presence with over 100 partnerships, but faced economic challenges.
- The business is now looking to sell off remaining stock and assets, including the Allplants brand.
Allplants, known for its plant-based ready meals, has officially entered administration. This decision has led to the unfortunate dismissal of 65 staff members. The company’s founder, Jonathan Petrides, had previously indicated that efforts were being made to explore potential restructuring and refinancing avenues by working with the recovery firm Interpath.
On November 22, Interpath’s Will Wright and Howard Smith were appointed joint administrators. They announced plans to trade the business for a brief period, aiming to sell all remaining stock. Production at the company’s manufacturing site has already come to a halt, amplifying the impact on its workforce.
Established in 2016, Allplants successfully grew its market reach, offering products online and through a network of over 100 retail partners. Despite its recognition as a B Corp for meeting high standards of social and environmental performance, the company faced substantial challenges due to escalating food, transport, and energy costs, along with declining consumer confidence amid the broader cost-of-living crisis.
Interpath’s CEO Will Wright commented on the situation, affirming their commitment to supporting affected staff. He acknowledged the economic hurdles that have been insurmountable for many businesses, including Allplants, particularly over the past year.
The company is currently considering the sale of its remaining stock and assets, including its brand. This move aims to mitigate some of the financial strain encountered during this challenging period.
In summary, Allplants is navigating significant financial challenges by entering administration and exploring asset sales.
