Allplants, a known figure in the plant-based meal market, has entered administration, resulting in 65 redundancies among its staff. This development highlights the significant pressures facing businesses within the sector.
Founded in 2016, Allplants quickly established itself with an omnichannel presence, distributing plant-based meals both online and through over 100 retail outlets. Despite these broad connections, the company has not been immune to the economic difficulties plaguing the industry.
The recent appointment of Will Wright and Howard Smith from Interpath as joint administrators comes at a time when Allplants is grappling with increased operational costs and declining consumer confidence amidst an ongoing cost-of-living crisis. Production at its manufacturing site has ceased, though efforts are underway to trade the business temporarily and liquidate existing stock.
Jonathan Petrides, the company’s founder, noted the executive team’s exhaustive efforts to explore all avenues for restructuring and refinancing. Meanwhile, Interpath’s Will Wright expressed his commitment to supporting the staff affected by redundancies, acknowledging the unfortunate necessity of these measures.
Allplants had won B Corp status for its dedication to sustainability and ethical production, demonstrating its previous success and commitment to environmental standards. However, the economic challenges over the past year have proven insurmountable.
Wright commented on the situation, stating, “Allplants has grown to become a well-known and popular brand. Unfortunately, the economic headwinds that have impacted many UK businesses over the past 12 months have been too challenging for the company to overcome.”
As Allplants seeks buyers for its remaining stock and assets, including its brand, the situation underscores the difficult landscape for plant-based food producers amid fluctuating market conditions.
In summary, Allplants’ move into administration reflects the broader struggles faced by the plant-based food industry. As the company seeks to navigate this period through asset sales and other measures, the case highlights the broader economic challenges impacting similar enterprises.
