The company behind alternative dairy brand, Mighty Drinks, has fallen into administration blaming rising costs and falling consumer confidence.<\/p>\n
Based in Leeds, Mighty Drinks is one of the UK\u2019s fastest growing dairy alternative brands, with its specialist range of pea protein and oat milks. Its products are sold nationwide from supermarkets and health stores.<\/p>\n
However, in common others in plant-based food sector, the company had faced trading headwinds in recent years which has impacted its ability to scale and ultimately, achieve profitability.<\/p>\n
After failing to secure investment parent company, Watkins Drinks Limited, appointed James Clark and Howard Smith from Interpath as joint administrators.<\/p>\n
Clark said: \u201cWe will now work with the company\u2019s stakeholders to explore the options available, including seeking offers for the business and its assets, including the Mighty brand and related intellectual property. We would invite any parties who may be interested in acquiring the business to contact us as soon as possible.\u201d<\/p>\n
Tom Swiers, food and drink sector lead at Interpath, said: \u201cThere has been an increasing focus on profitability within all aspects of the \u2018alt\u2019 category, following the investment boom of a few years ago. It is no longer simply a case of, \u2018growth as number one priority\u2019.<\/p>\n
\u201cThe Mighty team has created a great product, with an exciting kids-milk range set to launch\u00a0with retailers\u00a0given the allergen free benefits of pea-protein, and a path to profitability from improved margins and increased volumes. Unfortunately, however, this has come at a point in the company\u2019s cycle where it required further investment which was not forthcoming from typical investors in this space, nor was it attractive to typical \u2018special situations\u2019 investors given the relatively early stage of the company\u2019s development.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Mighty Drinks faced trading headwinds in recent years which impacted its ability to scale and achieve profitability<\/p>\n","protected":false},"author":271992,"featured_media":2140372,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53262],"coauthors":[137100],"class_list":["post-2140367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","tag-featured-story","tag-west-yorkshire"],"yoast_head":"\n