Despite its mission to improve global health and biodiversity, Plant and Bean faces significant financial challenges, putting hundreds of jobs at risk
Plant and Bean, one of the UK's leading producers of plant-based meat substitutes, has recently entered administration, as reported by. The company, which operates a large manufacturing facility in Lincolnshire as well as a production site in Bubwith, North Yorkshire, generates 55,000 tonnes of meat alternatives annually.
The Lincolnshire factory, located on New Hammond Beck Road in Boston, was hailed as the largest of its kind in Europe when it opened in 2021, generating around 500 jobs in the process. However, on May 25th, Plant and Bean announced its intention to bring in administrators. A week later, on May 31st, Interpath Advisory was officially appointed as the company's administrators.
Covering 2.83 million square feet, Plant and Bean's Boston factory on the old Tulip site is a significant industrial presence. However, the company's financial health has been in question; its most recent publicly available accounts reveal that it owed creditors £9 million at the end of 2021 and had been compelled to secure a bank loan of approximately £2 million that same year.
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