Vegan food maker Allplants calls in administrators

Footballer backed vegan food manufacturer Allplants is seeking a rescue deal after calling in administrators.

The company, launched in 2016, appointed Interpath Advisory on November 22nd following a difficult trading period. Some 65 employees have been made redundant following the decision.

The administrators said manufacturing at Allplants’ site in east London has ceased but they will carry on trading the business to run down its stock, with the help of around eight remaining staff members. They hope to find a buyer to take it on as a going concern.

“After a period of sustained losses, the directors sought to explore their strategic options, including exploring the possibility of a sale or refinancing. However, when a solvent solution could not be found, they took the difficult decision to seek the appointment of administrators," Interpath said.

Since launch Allplants has raised $81million, according to Dealroom, from investors including Molten Ventures, Felix Capital, Octopus Ventures, TriplePoint Capital, and footballers Chris Smalling and Kieran Gibbs.

Its meals, from its own kitchen in London, include Protein Powder Buddha Bowl and Dragon Fruit and Mango smoothies. They are sold online direct to consumers, to retailers and via wholesale distributors.

Allplants chief executive Jonathan Petrides said the seven months to March 2023 were ‘undoubtedly’ the hardest period in the plant-based frozen meal maker’s history. The company reported a turnover of £4.1 million, down from £9.1 million in the year to August 31, 2022. It made a gross profit of £1.5 million, down from £2.8 million.

It blamed factors such as rampant inflation across energy and transport, lower consumer confidence, supply chain disruptions and higher interest rates.

This was in contrast to a surge in demand during the Covid pandemic as people sought mealtime deliveries as they stayed more at home and adopted healthier eating habits.

Veganism is however still on the rise in the UK. A 2024 survey from Finder found that nearly 5 per cent of adults identify as vegan, or 2.5million people. This is up by a huge 1million over the past 12 months.

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