The plant-based meal provider, Allplants, has entered administration, resulting in 65 staff redundancies.
Allplants, a notable player in the plant-based meals sector, is facing significant challenges as it officially enters administration. Founded in 2016, the company was acclaimed for its ethically-produced, healthy meals and had expanded its reach through an omnichannel approach. Its products were available online and through more than 100 retail partners.
In the face of mounting economic pressures, the company encountered obstacles common among businesses in the plant-based industry. Over recent years, rising costs of food, transport, and energy have been compounded by a general decline in consumer confidence, largely due to the ongoing cost-of-living crisis. Despite these challenges, Allplants achieved recognition for its sustainability efforts, including obtaining B Corp status.
Jonathan Petrides, the founder, had expressed his commitment to exploring all viable options for restructuring and refinancing with the aid of Interpath, a recovery firm. Nevertheless, these efforts proved insufficient against the backdrop of adverse economic conditions.
On 22 November, Interpath’s Will Wright and Howard Smith were appointed as joint administrators. While they aim to maintain business operations temporarily to clear remaining stock, production has halted, leading to the unfortunate redundancy of 65 staff members.
Interpath UK CEO, Will Wright, has prioritised supporting those affected by the redundancies. He acknowledged Allplants’ rise as a well-known brand but noted that the economic headwinds of the past year were insurmountable for the company, which now seeks to sell off remaining assets, including the brand itself.
Allplants’ current position highlights the impact of economic challenges on innovative businesses. As administrators work to support affected staff and manage remaining resources, it remains a cautionary tale for other companies amidst challenging financial landscapes.
