Wed, 05 Jul 2023 | BUSINESS SALE
Two companies led by entrepreneur and animal rights activist Heather Mills have acquired the assets of plant-based meat alternative maker Plant & Bean out of administration. Plant & Bean called in administrators earlier this year after being hit by inflation and operational issues.
Interpath Advisory’s Howard Smith and James Clark were appointed as joint administrators on May 31 2023. The joint administrators have now secured a sale of the business’ manufacturing facilities and equipment – including its 26.3 hectare facility – to Vegan Solo Consulting and Duo Renovations. Heather Mills is a director at both firms.
Plant & Bean’s Boston, Lincolnshire facility manufactures products for brands including Quorn, Wicked Kitchen and Princes. Using peas and beans as protein, the facility produces a wide range of meat-free products, including sausages, mince, burgers and nuggets.
Commenting on the acquisition, Heather Mills said that the companies plan to keep the facility as a non-meat factory. According to reports in food industry publication The Grocer, the facility’s production capabilities will be renovated and upgraded, with Interpath saying that “a lack of investment” had contributed to Plant & Bean’s operational issues.
Joint administrator and Interpath managing director James Clark said: “I am delighted to secure a sale of this great facility to someone committed to investing and improving on the great manufacturing capabilities implemented by Plant and Bean.”
“The factory has huge scope to deliver improved economic output for the Boston area and we wish the buyer all the best in their new venture.”
Read about conducting M&A during an economic downturn:
Finding M&A value in an economic downturn.
Conducting due diligence in a downturn - Unlocking value and avoiding hidden risks.
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