Plant-based food manufacturer Plant & Bean has appointed administrators following operational issues and “significant inflation” across its cost base.

Interpath Advisory, the company appointed to handle the administration, published a statement this week revealing that increases in food and energy prices impacted the business’ profitability. Operational issues also resulted in “periodic interruptions to production,” the firm said.

James Clark and Howard Smith from Interpath were appointed joint administrators of Plant & Bean on 31 May. Following their appointment, Plant & Bean is carrying out limited trading while administrators explore options for sale of the business and its assets. Around 25 employees have been retained to assist with ongoing activities.

Plant & Bean was founded in 2019 and is based in Boston, Lincolnshire, UK. The company is a manufacturer for alternative protein brands such as Quorn, Princes and Wicked Kitchen. It announced the opening of its 65-acre Boston facility in 2020, with a capacity to produce 55,000 tonnes of plant-based meat alternatives per year.

James Clark, managing director at Interpath Advisory and joint administrator, commented: “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”.

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