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Will Wright and Howard Smith from Interpath have been appointed joint administrators to Allplants Limited.
Based in East London, Allplants is a plant-based pre-prepared meal manufacturer. Founded in 2016, the business has grown over the past nine years to develop a truly omnichannel offering, with its products available online and via over 100 partner retail outlets, as well as via q-commerce operators.
In common with a number of other companies across the plant-based food sector, the company had faced trading headwinds in recent years, including rising food, transport and energy costs and the impact of fragile consumer confidence in the wake of the cost-of-living crisis.
After a period of sustained losses, the directors sought to explore their strategic options, including exploring the possibility of a sale or refinancing. However, when a solvent solution could not be found, they took the difficult decision to seek the appointment of administrators.
The joint administrators intend to trade the business for a short period in order to sell all remaining stock. However, unfortunately, with production at its manufacturing site having ceased, a total of 65 members of staff have been made redundant.
Wright, UK CEO of Interpath and joint administrator, said: “Allplants has grown to become a well-known and popular brand, with its range of ethically-produced, healthy, plant-based ready-meals.
Indeed, in recent years, the company was successful in being awarded B Corp status, in recognition of its enhanced commitments to sustainability and environmental goals. Unfortunately, however, the economic headwinds that have impacted many UK businesses over the past 12 months have been too challenging for the company to overcome.”
“We will be trading the business for a short period while we seek to sell all remaining stock and, in due course, will also be seeking to realise other assets including the Allplants brand. In the meantime, and as a matter of priority, we will be supporting those members of staff who regrettably have been made redundant as a result of the administration.”
