A Health tea specialist with listings at Ocado and Holland & Barrett is going through liquidation proceedings.
Kent-based Miracle Matcha, which produces health-focused Matcha teas, drinks and supplements, has initiated voluntary winding-up procedures and appointed Bretts Business Recovery to manage the process.
A meeting of creditors, including a number in the grocery trade, has been called for 21 October.
Founding director Timothy Gill said the brand had been growing sales year on year, but the voluntary liquidation was due to “cashflow problems and not being able to attract sufficient investment to allow us to grow and bring new products through”.
Gill said Miracle Matcha would continue to be exported as licences are held by a separate company. Miracle Matcha Ltd only holds the UK licence for the brand rather than the trademarks and IP, but the brand’s future in the UK will depend on the outcome of the creditors’ meeting.
The firm owed £144k to creditors and had total net liabilities of £77.5k at 30 April 2013, according to Companies House filings.