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Interpath Advisory has revealed that the joint administrators of Watkins Drinks Limited have secured the sale of the Mighty Drinks brand to plant-based protein supplier, The Mighty Kitchen.
News of the sale comes after James Clark and Howard Smith were appointed joint administrators to Watkins Drinks Limited, which trades as Mighty Drinks, on 17 June after the dairy alternative company had been unable to achieve scale and profitability amid rising costs and weaker consumer confidence.
Following their appointment, the administrators mothballed the business and retained a small number of staff while seeking a buyer. The sale includes Mighty Drinks’ intellectual property and some stock. Three staff members have been retained temporarily to assist with the transfer.
The Mighty Kitchen, founded in 2019, supplies plant-based protein products to the hospitality industry and operates in Cyprus, Greece, the United Arab Emirates and the UK.
James Clark, joint administrator and managing director at Interpath, said: “We’re pleased to have secured a sale of the Mighty Drinks brand to The Mighty Kitchen, ensuring the continuation of a well-regarded name in the plant-based sector.
“The transaction provides a platform for the brand’s future and the opportunity for the purchaser to exploit the brand overseas.”
George Vou, chief executive of The Mighty Kitchen, added: “This is exciting for us. We’re proud to be able to pick up such a well-crafted brand and to make good use of the work that the team at Mighty has already done.”
The joint administrators said their focus now is on selling the company’s remaining assets and completing the administration process.
