Fri, 20 May 2022 | ADMINISTRATION
Bournemouth-based instant foods brand Mr Lee’s Pure Food has been placed into administration and ceased trading following the death of its founder last year. Administrators from Kroll are now seeking a buyer for the company and its assets.
Mr Lee’s Pure Foods was launched by Damien Lee in 2016 as a healthy, gourmet offering within the £100 billion-per-year instant meals market. As well as the Mr Lee’s Noodles brand, which includes both rice noodle and ramen dishes, the company also has lines of instant porridge and congee.
In its accounts for the year ending December 31 2021, the company had £273,423 in fixed assets and £1.52 million in current assets. At the time of filing, the company owed creditors £2.47 million, outstripping its assets by £679,348. Mr Lee’s Pure Foods’ total net book value at the end of 2021 was £250,669, compared to £710,959 a year earlier.
The company has proven to be something of an innovator within the instant foods market, aiming to offer healthy alternatives within a sector widely viewed as unhealthy. It was the first company in the UK to offer instant congee and also expanded into foodtech with a pilot launch of touch-screen noodle kiosks. In 2020, the business raised more than £1.6 million through crowdfunding to finance a launch in the US.
However, following the death of Damien Lee last year following several bouts of cancer, the company has now moved to appoint Rob Armstrong and Jimmy Saunders of Kroll as joint administrators.
In a statement, the joint administrators said: “The company, based in Bournemouth, is an award-winning brand of gourmet instant noodles, porridges, and other foods. Its three product ranges; Mr Lee’s Noodles (includes Rice Noodles and Ramen), Mr Lee’s Porridges and Mr Lee’s Congee; are all made with the finest freeze-dried ingredients, low in sugar and saturated fats and with no artificial additives.”
Joint administrator Jimmy Saunders added: “At this stage the company has ceased trading and is under the control of the joint administrators whilst the financial position and prospects are examined, and we continue to look for a buyer of the business and assets. All creditors will be notified of the appointment in the coming days.”
Click here to view the UK's latest distressed businesses.
View recent UK administrations.
Read about how the push towards healthier eating is driving M&A activity.
The business has a renowned reputation in Leeds and further afield, and therefore attracts loyal and local customers from Leeds and surrounding conurbations, as well as those from further afield.
LEASEHOLD
This stunning catering concern is located in a prime trading position directly fronting on to Plymouth’s North Hill, being one of the main access routes into the city centre which is only a short walk away. The unit is located within close proximity...
LEASEHOLD
This thriving and most profitable fish & chip shop enjoys an enviable main road trading position, located in the sought after residential suburb of Plymouth. The parade is located immediately adjacent to the Plymstock Broadway, a thriving shopping pr...
LEASEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.