The future of Mighty Drinks has been secured by administrators with the dairy-free milk alternatives brand sold to The Mighty Kitchen.
According to recovery specialists Interpath, the alternative plant-based protein business is buying Mighty Drinks for an undisclosed sum.
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Last month, James Clark and Howard Smith from Interpath were appointed joint administrators to Watkins Drinks Limited, trading as Mighty Drinks.
Interpath said the joint administrators secured the sale of the Mighty Drinks IP – as well as some stock – to The Mighty Kitchen, which is an unrelated business.
Just Drinks has contacted Mighty Drinks for comment.
After facing “trading headwinds” experienced by many companies across the plant-based food sector, including “rising costs and fragile consumer confidence”, Interpath claimed Mighty Drinks had been unable to achieve scale and profitability.
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By GlobalDataInterpath said The Mighty Drinks brand’s remaining three members of staff have been retained by the administrators for a short period of time to assist with the transfer of the brand to the acquirer.
The joint administrators are now focused on selling the remaining assets and winding up the administration.
James Clark, managing director at Interpath and joint administrator of Watkins Drinks Limited, said: “The transaction provides a platform for the brand’s future and the opportunity for the purchaser to exploit the brand overseas.”
In the statement provided by Interpath, George Vou, The Mighty Kitchen’s CEO, said: “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.”
Launched in 2019, Mighty Drinks had a range of pea protein and oat milks.
According to Companies House filings for Watkins Drinks Limited, which trades as Mighty Drinks, the group had accumulated up £12.1m ($16m) in losses in 2023, a roughly £4m ($5.3m) larger loss than in 2022.
