Allplants, a UK plant-based food manufacturer, has entered administration as a result of “trading headwinds”.
Some 65 employees have been made redundant.
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Will Wright and Howard Smith from advisory firm Interpath were appointed as administrators to the London-based business on Friday (22 November).
Manufacturing at Allplants’ site in east London has ceased but the administrators will carry on trading the business to run down its stock, with the help of around eight remaining staff members, and in the hope of finding a buyer to take it on as a going concern.
The business, which makes frozen vegan meals, was founded in 2016 by Jonathan Petrides and has been backed by investors in a number of funding rounds.
In 2021, Allplants attracted £38m ($52.2m at the time) in Series B funding with investors including CPG fund The Craftory – set up in 2018 by former Iglo Group executive Elio Leoni-Sceti – and Cassandra Stavrou, who founded UK snack company Proper Snacks.
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By GlobalDataIn a statement on Friday announcing the news the company had gone into administration, Interpath said: “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.”
Wright, Interpath’s UK CEO, added: “Allplants has grown to become a well-known and popular brand, with its range of ethically-produced, healthy, plant-based ready-meals.
“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.
Allplants – which sold its products online and via more than 100 partner retail outlets – is the latest plant-based manufacturer to hit the buffers. Other casualties include The Meatless Farm Co., Plant & Bean and LoveSeitan.
VBites, the UK vegan business set up by entrepreneur Heather Mills, also went under although Mills subsequently bought the business out of administration.
