The firm filed a Notice of Intention (NOI) on 18 November, with Will Wright and Howard Smith from Interpath Advisory appointed as joint administrators on 22 November.
Production at Allplants’ manufacturing site has been ceased and 65 members of staff have been made redundant.
Meanwhile, Wright and Smith intend to trade the business for a short period in order to sell all of its remaining stock.
According to the firm’s accounts for the 12 months ending 31 March 2023, Allplants suffered a pre-tax loss of £9.86m.
This is after reporting a pre-tax loss of more than £10m for the previous 12-month period.
In a statement included alongside its most recent accounts, Allplants co-founder and CEO Jonathan Petrides described the 2022-23 trading period as “the most intensively chopping waters” the firm has faced since its inception in 2016.
Interpath comments
“Allplants has grown to become a well-known and popular brand, with its range of ethically-produced, healthy, plant-based ready-meals,” said Wright.
“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.”
Background
In June of this year Allplants raised £1.8m following a funding round led by Re:Food, on top of a £38 investment the firm secured in 2021.
Specialising in the production of frozen plant-based ready meals and desserts, Allplants is stocked through Ocado and is available via foodservice and its own direct-to-consumer channel.
In an interview with Food Manufacture in 2023, Petrides said that his goal was to “find a way to reach more people with delicious, exciting plant-based food that was both accessible and unpretentious”.
However, the landscape has proved troublesome for a number of plant-based manufacturers over the past two years.
For example, Meatless Farm was acquired out of administration by VFC in June 2023, while Heather Mills revived VBites in January after purchasing its assets from administrators.