Lincolnshire food manufacturing business Plant and Bean Limited (P&B) has fallen into administration.
Founded in 2019 and based in Boston, UK, P&B operates in the alternative protein sector, manufacturing for the likes of Quorn, Princes, and Wicked Kitchen.
Like several other businesses across the sector, P&B experienced significant inflation across its cost base, primarily increases in food and energy prices. The business also suffered from several operational issues which resulted in periodic interruptions to production.
Following the appointment of James Clark and Howard Smith from Interpath Advisory as joint administrators on 31 May 2023, the company is carrying out limited trading while the administrators explore options for a sale of the business and its assets. The administrators have retained approximately 25 employees to assist them 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.”alternative protein protein alternative