Plant-based meat maker seeking buyer after entering administration
Mon, 05 Jun 2023 | ADMINISTRATION
Administrators are seeking a buyer for Plant & Bean, a manufacturer of plant-based meat alternatives, after a period of significant disruption pushed the business into administration. The company, which is based in Lincolnshire, opened Europe’s largest plant-based food factory in 2020 as part of a partnership with Gushen and Griffith Foods.
The 26.3 hectare, 263,000 sq metre facility was opened in Boston, Lincolnshire, with a planned initial capacity of 55,000 tonnes. Amid growing interest in plant-based meat alternatives, the company planned to open similar facilities in USA and Asia.
However, like many other food sector manufacturers, the company has seen inflation soaring across its cost base, particularly for food and energy. It was also hit by a series of operational issues, which caused periodic interruptions to its production.
As a result, the company appointed James Clark and Howard Smith of Interpath Advisory as joint administrators on May 31 2023. The company will conduct limited trading while the joint administrators explore options for a sale of its business and assets.
Joint administrator James Clark commented: “Businesses across the food and drink sector, and especially those in highly competitive sub-sectors such as alternative protein, are facing immense pressures at the moment, with rising costs impacting profitability.”
He added: “Over the coming days, we will be working with key stakeholders to explore the possibility of a sale of the business.”
Plant & Bean was formerly the meat-free division of Brecks Foods and had over 20 years’ experience developing plant-based meat products for prominent brands and retailers. In its accounts for the year to December 30 2021, its fixed assets were valued at £13.5 million and current assets at £2.1 million. At the time, its net assets stood at £4.3 million.
Growing financial distress is one of a number of factors driving M&A in the manufacturing industry.
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