The firm cited increases in food and energy prices as the major reason for the debacle. The business also suffered from several operational issues, which resulted in periodic interruptions to production.
Founded in 2019 and based in Boston, Lincolnshire, Plant & Bean operates in the alternative protein sector, manufacturing for the likes of Quorn, Princes, and Wicked Kitchen.
James Clark and Howard Smith from Interpath Advisory have been appointed as joint administrators to Boston-based Plant & Bean.
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.”
All 25 staff at the firm, which manufactures products for Quorn, Princes and Wicked Kitchen, have been retained, according to administrators. They said they would work with key stakeholders to explore a sale.
Clark, managing director at Interpath Advisory, 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."
In addition to "significant inflation across its cost base", he said the business had also suffered several operational issues resulting in interruptions to production, BBC reported.
Plant & Bean opened Lincolnshire facility in 2020, labelling it as “Europe’s largest production facility”. The facility has a production capacity of 55,000 tonnes.
In the company’s annual results ended 30 December 2021, Plant & Bean owed its creditors more than £9m (£11.2m) and took out a bank loan of around £2m.
Elsewhere in the UK food industry, it has emerged UK ready-meal manufacturer Oscar Mayer has been taken over by debt providers Pemberton Asset Management as it attempts to “restore profitability”.
