Interpath Advisory was appointed as administrator of the Boston-based company on 31 May and will seek a buyer for the business and its assets.
Interpath said the company, which manufactures meat-free products for the likes of Quorn, Princes and Wicked Kitchen, had suffered from significant inflation across its cost base, primarily increases in food and energy prices.
Additionally, the business also suffered from several operational issues, which resulted in periodic interruptions to production.
Following the appointment of Interpath, the company is carrying out limited trading while the administrators explore options for a sale of the business and its assets. Approximately 25 employees have been retained to assist the administrators with ongoing activities.
“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,” said James Clark, MD at Interpath Advisory and joint administrator.
“Over the coming days, we will be working with key stakeholders to explore the possibility of a sale of the business.”
Previously a meat-free division of Brecks Foods before being spun out in a joint venture with Thai group NR Instant Produce in 2019, Plant & Bean has been manufacturing alternative protein products for almost 20 years.
The JV had plotted global expansion, with aims to open manufacturing facilities in the US, China and South America.
In 2020, Plant & Bean announced what it said was Europe’s largest plant-based meat production facility in the Boston, with the capacity to produce 55,000 tonnes of product per year.
The news follows Leeds-headquartered Meatless Farm last week hiring advisors at restructuring and insolvency specialist Kroll to run a process to raise cash amid a wider contraction in demand for the alternative meats category.
The Grocer wrote that Meatless Farm, which employs about 100 staff in the UK, Europe and the US, is close to running out of cash and is set to file a notice of intention to appoint administrators.