Plant-based meat firm calls in administrators
A leading food manufacturer that produces 55,000 tonnes of plant-based meat alternatives a year from a huge facility in Lincolnshire called in administrators late last month, TheBusinessDesk.com understands.
Plant and Bean, which also has a production site in Bubwith, North Yorkshire, created around 500 jobs when it opened its factory on New Hammond Beck Road in Boston – the largest facility of its kind in Europe – in 2021.
However, on 25 May, Plant and Bean posted a notice of intention to appoint administrators. This was followed on 31 May by Interpath Advisory being formally appointed as administrators to the company.
On its website, the company defines its mission as follows: “[By] designing delicious and healthy plant-based meats and making them accessible to everyone, we can improve global health, the biodiversity of the planet and animal welfare, thereby making a sustained positive impact on the world we live in.”
The firm’s factory in Boston spans some 2.83m sq ft.
Plant and Bean’s last available accounts, made up to the end of 2021, show the company owed its creditors £9m and was forced to take out a bank loan of around £2m that year.
Interpath Advisory has been approached for comment.