New documents have revealed that Plant & Bean lost more than £7 million between 2019 and 2022, and owed creditors more than £6 million at the time of administration. The recently published report from Interpath Advisory – the firm hired to handle Plant & Bean’s administration process – details the background and events leading to the manufacturer entering administration, as well as the details of the sale and dividend prospects for secured creditors. Interpath said that the company had suffered losses of £5.3 million in the two-year period between June 2019, when it was established, and June 2021. Despite strategic turnaround initiatives intended to improve its operating margin, further losses of £1.7 million were generated in the period to September 2021. As reported by The Plant Base in June, James Clark and Howard Smith were appointed as joint administrators of the company on 31 May 2023, after which the company’s Lincolnshire manufacturing facility was bought by Vbites founder Heather Mills. The filings revealed that Mills bought the facility and its machinery for £2.9 million, enabling administrators to pay back lenders HSBC and HMRC. Interpath said that it is yet to be confirmed whether unsecured creditors will be paid the outstanding £3.7 million. Mills’ purchase covered only the company’s assets – the bulk of Plant & Bean’s workforce was made redundant on 19 June 2023, with just two members of staff retained to maintain security at the site until the sale was completed. Plant & Bean’s intellectual property and stock were sold to its former parent company, Brecks. The company also owns a 49% share in a manufacturing facility in Thailand, near to completion, north of Bangkok. The factory was intended to manufacture plant-based food for the South-East Asian market. The company’s Thai shareholders, Nove, agreed to acquire the stake for £10,000. #meatalternatives #PlantampBean #UK

Oat milk chocolate brand Happi has announced the launch of two new festive-themed bars ahead of the Christmas season. The brand’s new 80g bars will be available in two festive flavours: Gingerbread and Candy Cane. The Candy Cane flavour features a subtle blend of peppermint flavouring with oat milk chocolate, while the Gingerbread is described as having warming flavours of spice and sweetness. Gavin Cox, founder of Happi, said: “Quite often we find that festive themed flavours are aimed at those following standard diets, so we wanted to create two new bars that could be enjoyed more widely. These flavours are seasonal favourites so we expect them to prove particularly popular.” The new seasonal bars will be available to order from 1 September (RRP £2.95 per 80g), available to retailers across the UK. #dairyfreechocolate #Happi #UK

Avril Group, a processor and financer in the vegetable oils and proteins sector, has acquired a stake in plant-based food company Hari&Co. Hari&Co offers a range of 100% plant-based ready meals and catering products made with legumes. Its products are locally produced in France, minimally processed and made from natural ingredients without additives. Avril aims to accelerate the company’s development and strengthen its food product offer. The company is already committed to the development of plant protein for the food market and is now adding to its portfolio of brands to offer new products in line with consumer expectations. Jean-Philippe Puig, CEO of Avril, said: “This project is fully in line with our strategy. Following the acquisition of Vivien Paille last year, we are pursuing the development of French sectors and the promotion of legumes, from the farm to the table.” He added: “In this way, we contribute to a local, healthy, and sustainable diet in line with our commitments and our purpose: serving the earth”. Emmanuel Brehier and Benoît Plisson, directors and founders of Hari&Co, said that the two companies share common commitments, allowing for development while remaining true to their values. They commented: “This operation is a real boost to our ambition to become the key player in plant-based cuisine. We are more than ever invested in this new stage of our entrepreneurial adventure, which promises to be exciting!” The acquisition by Avril marks the investment fund outflow from Eutopia, a shareholder of the company since 2017 via its Otium Consumer fund, and Triodos Investment Management. #Avril #France #HariampCo

UK food producer Finnebrogue Artisan has announced a £2.8 million investment to upgrade its plant-based food factory. The meat and plant-based alternatives producer initiated the factory at its County Down headquarters in Northern Ireland in 2020. With the recent £2.8 million investment, Finnebrogue has installed 2,846 solar panels on the factory’s roof and is expanding infrastructure, including car parking, around the site to accommodate further growth. According to the company, the latest investment is expected to eliminate 580 tonnes of CO2 emissions and provide further energy security. The business expects its overall revenue to surpass £200 million this year, up from £188 million last year. It produces a range of plant-based food formats on a private-label and co-manufacturing basis, and has reported that its plant-based output is up threefold since 2021. The solar panels will come on stream this month (July 2023), while additional infrastructure is expected to be completed by the end of the year. Jago Pearson, Finnebrogue’s chief strategy officer, said: “As we continue on our growth trajectory in the plant-based sector and across the other categories in which we play, we also continue to invest in our people and our facilities.” “We are privileged to have four outstanding food production facilities in County Down, the oldest being just eight years old, but we are always seeking ways in which we can make improvements so we can make more food the best it can possibly be.” #Finnebrogue #FinnebrogueArtisan #NorthernIreland #UK

Yo Egg has announced a strategic partnership with US restaurant Veggie Grill, launching three new limited-time offering dishes that incorporate its plant-based sunny-side up and poached eggs. The three dishes exclusively available at Veggie Grill are the Yo Poached Egg Avocado Toast, Huevos Rancheros Bowl with Yo sunny-side-up egg, and Yo Egg Kimchi Burger. The avocado toast and huevos rancheros aim to provide vegan takes on classic egg-focused dishes, while the kimchi burger incorporates a seasoned Beyond Meat burger crowned with a sunny-side up Yo Egg, topped with kimchi, sesame aioli, pickled cucumbers and shredded lettuce. Eran Groner, CEO of Yo Egg, added: “This collaboration with Veggie Grill exemplifies our mission to reinvent eggs and how foodservice operators use eggs in their menus. We can’t wait for consumers to taste these innovative dishes.” The company debuted its plant-based whole egg, claimed to be the world’s first plant-based whole poached egg product, in February this year. It is made from chickpea, soy and other non-GMO ingredients, featuring a runny yolk. #US #VeggieGrill #YoEgg

Brevel, a microalgae-based alternative protein company, has announced that it has completed a seed funding round of $18.5 million. The company said that funds raised will be used to bring to market a neutral-tasting, functional protein that is highly sustainable and affordable to the mainstream food industry. The round was led by NevaTeam Partners and supported by the European Union’s EIC Fund, as well as other food and climate funds and strategic partners. According to Brevel, its technology is the world’s first to combine sugar-based fermentation of microalgae with high light concentrations at industrial scales to produce a protein that will be incorporated by manufacturers into plant-based products. The technology aims to tackle primary barriers to market penetration for new protein sources: taste, functionality and cost. Primarily, the company aims to solve protein content challenges within the alternative dairy sector. Where other plant-based sources such as soy are allergenic and often have overpowering flavours, Brevel aims to fulfil the need for a protein that can be seamlessly incorporated into plant-based milk and cheese products to boost nutritional value and enhance texture without compromising on taste, colour or cost. Brevel said it is achieving cost parity with traditional plant-based protein sources such as pea or soy by utilising its technology to generate valuable co-products alongside the high concentration of functional protein from microalgae, such as functional lipids and pigments. The company reported that this enables it to almost triple the profitability from the same microalgae, making it feasible to price the protein competitively in the market. Its process is unaffected by weather and climate conditions, does not require arable land, can recycle 100% of the water and uses on-site clean energy. Brevel has been operating its large-scale 500-litre pilot in Israel and soon plans to move into its first commercial-scale factory with a 5000-litre fermentation and light system. The company has designed and built all of its own manufacturing systems, as well as the development of all biological processes. Yonatan Golan, CEO and co-founder of Brevel, said: “This substantial funding round will fuel Brevel’s journey forward and pave the way for our vision of sustainable nutrition for the future of our planet to materialise”. He added: “We are primed and ready for our next major leap – the global scale production of Brevel’s protein that will be integrated into healthier, tastier and environmentally-friendly food products in every household”. #alternativeprotein #Brevel #Israel #microalgae

UK meat alternative company VFC Foods is expanding beyond its core frozen offer with a chilled range, now available in Asda. The range, which launched on 22 July, includes a chilled variation of VFC’s Original Crispy Chick*n Fillets (RRP £3.50 for 190g), as well as new Piri Piri Chick*n Wings (RRP £3.50 for 219g) suited to sharing, with a separate Piri Piri sauce for dipping. According to VFC, the move into chilled marks the first phase of an exciting NPD pipeline targeting incremental consumers. Innovation across adjacent categories forms part of the brand’s global growth strategy and mission to remove animals from the food chain. The launch follows the company’s acquisition of the Meatless Farm brand in June, diversifying its existing plant-based chicken portfolio across multiple channels. Dave Sparrow, CEO of VFC, said: “This is yet another major milestone for VFC and our unrelenting mission to convert more people into the incredible taste of VFC and spare the lives of more animals. The chilled meat-free category is worth £275 million and reaches a different consumer to those in the frozen, making this launch a natural next step in what is set to be a game-changing series of innovation for the brand.” #plantbasedchicken #UK #VFCFoods

Alvinesa Natural Ingredients has announced the acquisition of Genosa, a producer of upcycled natural hydroxytyrosol derived from olive. The Spanish plant-based ingredients company said that its acquisition of Genosa marks a significant milestone in its growth strategy and strengthens its position in the upcycled natural ingredients market. Alvinesa upcycles and transforms agricultural coproducts from the wine industry into natural ingredients for food, beverages and nutraceuticals. Among its portfolio offerings is its flagship brand, Vintera, which focuses on grape extract rich in polyphenols, alongside natural colours, grape seed oil, natural flavours (wine concentrate) and natural tartaric acid. Genosa’s high-purity natural hydroxytyrosol extracts are derived through a patented international process that utilises only physical and mechanical methods that abstain from the use of solvents. The acquisition aims to further expand Alvinesa’s ingredient range and leverage the synergies between both companies to drive innovation and customer value. According to Alvinesa, it will be exploring ways to leverage Genosa’s expertise and technologies to enhance its existing product range as part of the integration process. #AlvinesaNaturalIngredients #Genosa #Spain

In a bid to target new consumers, Müller Yogurt & Desserts has released its first plant-based range in the UK. Müller Corner Plant Based and Müller Rice Plant Based are the result of extensive consumer research, as Müller aims to introduce its well-known yogurt products to vegan shoppers. Müller Corner Plant Based comes in two variants: Strawberry & Pomegranate and Vanilla Chocolate Maxi Balls. Müller Rice Plant Based also comes in two flavours, including Vanilla and Chocolate. The company says it recognises the need to expand and optimise its portfolio to meet consumer demand for healthier, plant-based options. Toby Bevans, strategy and marketing director at Müller Yogurt & Desserts, said: “With value sales up 8% year on year, we will capitalise on this growth by expanding and enhancing our range of products”. He added: “When we spoke to consumers it was clear that plant-based Müller favourites represented a real opportunity, as long as it maintains our trademark taste. Plant-based and dairy products have co-existed in shopping baskets and fridges for a long time, so making the nation’s favourite dairy brand accessible to more people is a really exciting and natural move.” Müller Corner Plant Based and Müller Rice Plant Based are now available in Asda supermarkets, in single-pack format. #Müller #ricepudding #UK

Flora Ventures has announced the launch of an $80 million fund and its first closing with investments of $50 million, making it the “largest Agrifood VC” in Israel. Flora is a venture fund that invests in early-stage start-ups from leading agrifood ecosystems in Israel and Europe. The company says it aims to build a healthier, more sustainable and resilient agrifood system by supporting start-ups to scale globally. “The fund’s model is unique in that it is the first VC fund to tap the world’s ‘original’ innovative agriculture pioneers – the Israeli Kibbutzim – as anchor investors and partners,” said a company statement. The company was co-founded by Gil Horsky, former Mondelēz executive and corporate venture investor, and Esther Barak-Landes, VC investor and co-founder of Nielsen’s incubator and investment arm. Having secured funding in just four months, Horsky and Barak-Landes aim to address tech gaps in issues such as food security, digitisation, sustainable agriculture and the concept of ‘food as medicine’. The raise was completed with top-tier strategic partners including Sadot Kibbutzim, a cooperative that brings together 185+ Kibbutzim with an agricultural output of more than $3 billion exported to over 100 countries. Such partnerships provide Flora with access to agricultural land, production capabilities for initial proof of concept and the ability to scale technologies. In addition to Sadot Kibbutzim, Flora’s investors include the Haifa Group, a company specialising in plant nutrition and fertilisers, and Harel Group, Israel’s largest insurance and finance company. Barak-Landes commented: “I’ve been fortunate in my career to lead important VC deals in the retail-tech, fintech, and digital transformation sectors, which enables me to reapply proven technologies and business models to the agrifood industry where it is greatly needed”. She continued: “I am excited to bring my skills to finding and fueling start-ups from Israel and Europe that are good for people and kind to the planet while helping to build the next generation of agrifood unicorns”. Horsky added: “Working for leading food multinationals, as well as co-founding one of the industry’s most successful corporate venture capital and incubation initiatives in Mondelēz, taught me the value of having design partners early on. That’s why we are excited that Flora can provide our start-ups proprietary access to Haifa Group, Sadot Kibbutzim and Harel Group, which are among the most innovative and agile design partners in the industry.” Flora recently completed its first investment in Arrakis Bio, a “stealth-mode Israeli startup, developing a breakthrough technology poised to revolutionise the production and utilisation of human collagen and gelatin that is animal free, high quality and pure”. #startups #Europe #Israel #FloraVentues #agrifood

Free-from snack brand Crave will be making modifications to several of its products after receiving infringement notices from multinational food brands. The brand’s product range includes crisps, chocolate bars and spreads that are vegan and free from gluten, milk and egg. Products that are set to change this summer include its recently launched chocolate hazelnut spread, which the company debuted in May this year under the name ‘Notella’ – it will now be named ‘Sir Spread-a-lot’ in response to the infringement notice. Also set to be renamed are its pickled onion maize flavoured snacks, soon to be renamed ‘Pickled Onion Noughties’ and its hot and spicy maize puffs, rebranded as ‘Hot & Spicy Hot Dawgs’. The brand said that it has agreed to make the modifications rather than head into a costly legal battle, but pointed out that “mighty corporates” could be limiting consumer options in the British food and drink market, arguing that the success of challenger brands is key to ensuring innovation. Crave founder Rob Brice said: “We operate in a very niche market of free from and vegan and so clearly very different products from mainstream brands. We don’t see there being any confusion between the two. We see this as an opportunity for us to have fun and get creative with some new ideas and will of course make the changes that we need to.” Brice said that constraints of time and money make it difficult to take on bigger companies, adding that Crave is not a big threat to their success and simply aims to make ‘normal food’ available to everyone. He concluded: “If you are coeliac, why should you be limited to the bland, boring, ‘cardboard’ snacks of the free-from aisle?” The packaging changes will take place in August 2023. #Crave #rebranding #UK

Dutch plant-based dairy start-up Willicroft is launching its first non-cheese product in September 2023, a plant-based fermented butter. In a statement announcing the launch, Willicroft emphasised that the product is not a margarine and tastes, spreads, cooks and bakes exactly like dairy butter. The company developed the product using precision fermentation, enabling it to recreate the taste of “high-end” dairy butter without any artificial flavourings. Willicroft co-founder Brad Vanstone wrote in a LinkedIn post: “Through precise fermentation, we have replicated the most critical flavour component in butter – butyric acid”. He added: “We also felt the category was missing a highly functional product that had the multi-use nature of butter. The Willicroft Original Better melts at the same temp as dairy butter making it so much more than just a spread and the perfect companion to cook or bake with.” In line with its cheese portfolio, the new butter product also uses a base ingredient of beans as well as other natural ingredients. It is created using European soybeans sourced in Austria. According to Willicroft, its butter contains less saturated fats than other plant-based butters available while being “just as spreadable and meltable”. The fermented plant-based butter will be available in retail and foodservice this September, initially in the Netherlands and Germany, following two years of development and over €350,000 investment. It was supported by a grant from the Provincie Noord Holland. The company secured €2 million in a seed investment round last year to expand its cheese into new markets including the UK, the Nordics and Germany. #theNetherlands #Willicroft