Despite growing demand for plant-based meat, UK manufacturer Plant & Bean appointed administrators on the 31st of May, 2023.
In a statement, financial advisory business Interpath Advisory said that Plant & Bean experienced significant inflation across its cost base, primarily increases in food and energy prices.
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The financial company also stated that the manufacturer also suffered from several operational issues, resulting in periodic interruptions to production.
Manufacturing plant-based food
Founded in 2019, and headquartered in Lincolnshire, UK, Plant & Bean is a collaborative venture between Brecks Foods’ meat-free division in the UK and NR Instant PCL (NRF), a stock exchange-listed specialty food producer based in Thailand.
The company received a Series A investment of £9 million from NRF in 2019. In 2020, Plant & Bean opened “Europe’s largest” plant-based production facility. And in 2021, it opened a University R&D site to drive down the costs of plant-based food.
Plant & Bean claims to have a 20-year+ proven experience in the development of plant-based meat products for household brands and leading retailers. It manufactures products for brands such as Quorn, Princes, and Wicked Kitchen, reports Just Food.
Immense pressure
Following the appointment, the company is carrying out limited trading while the administrators explore options for selling the business and its assets. Twenty-five employees assist with ongoing activities.
James Clark, managing director at Interpath Advisory and joint administrator, said: “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.”
