Renowned vegan meal kit maker Allplants, based in the UK, faces potential closure after filing a notice of intention to appoint administrators on November 18. The company, founded by brothers Jonathan and Alex Petrides in 2016, became the country’s largest vegan ready meal brand, delivering over eight million meals. Despite raising £67 million in funding over the years, Allplants has struggled with mounting losses, with £9.7 million reported in just seven months to March 2023.

The brand’s difficulties stem from several factors, including a 20% drop in vegan meal sales between 2022 and 2023, rising operational costs, and the cost-of-living crisis. Inflation, Brexit-related supply chain disruptions, and a shift from growth to profitability compounded the financial strain.

Although the company expanded to retail in late 2022, its decline mirrored broader challenges in the UK vegan market. Competitors like Quorn and Meatless Farm also faced setbacks, with Quorn reporting £63 million in losses last year. However, Allplants continues to seek solutions, working with insolvency firm Interpath to explore restructuring or refinancing options. A potential buyer is reportedly in talks to rescue the brand, but if no deal is reached, Allplants may liquidate its remaining assets to repay creditors.

In a heartfelt Instagram post, co-founder Jonathan Petrides expressed gratitude to customers and supporters, calling the journey “the pleasure of a lifetime.” Meanwhile, Allplants is offering a 30% discount on final orders as the team works “tirelessly” to find a path forward.

While the future of Allplants remains uncertain, its story highlights both the challenges and resilience of the plant-based industry. The last few months have found many plant based startups like This and VFC face financial difficulties and file for insolvency in the same space. For now, Allplants’ focus is on preserving its mission of delivering sustainable, plant-based meals to customers across the UK.