Tree of life

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Health food distributor Tree of Life has collapsed into administration after failing to secure investment needed to stay afloat, as revealed by The Grocer yesterday afternoon.

A statement on the Tree of Life website confirmed it had appointed Chris Pole and Ryan Grant of Interpath Advisory as joint administrators on 22 August 2022.

The Grocer is still awaiting a statement from the administrators over the fate of the business and whether sister business The Health Store and parent group Health Made Easy are also affected.

The Grocer reported in July that Tree of Life owner Health Made Easy was locked in talks with lenders to agree new facilities and secure its future.

Chairman Michael Cole told The Grocer at the time that Health Made Easy was looking to realign its banking facilities to “fit and support its revised strategy”.

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Morning update

It’s a quiet morning as the City winds down for the end of summer and the bank holiday weekend.

The FTSE 100 has opened down 0.8% to 7,429.24pts.

Early risers in food and drink include Bakkavor, up 6.9% to 94.5p, Marston’s, up 3.4% to 40.5p, Fever-Tree Drinks, up 2% to 978.6p, and Deliveroo, up 1.7% to 85.7p.

McBride, PayPoint and Finsbury Food Group are among the fallers so far, down 2.7% to 24p, 2.5% to 621p and 1.7% to 69.3p respectively.