Plant-based protein company Proform Foods will be wound up after efforts to restructure the business were unsuccessful. The decision follows the company entering voluntary administration three months ago.
Established in 2005, Proform Foods is known for its Meet brand, which offers a range of alt-meat like mince, burgers, and chicken-free tenders. These products are available in supermarket chains nationwide, including Woolworths and Coles; they’re also available through the food delivery service HelloFresh.
In May, the company fell into voluntary administration, with Gayle Dickerson and James Dampney from KPMG Australia as administrators.
The appointment of administrators covers the entities including Proform Food Group Pty Limited, Proform Innovation Pty Limited, Proform Gourmet Pty Limited and Proform Foods Pty Limited.
Despite describing the company as a “well-established business in a sector with compelling medium-growth prospects”, the administrators were unable to find a buyer or achieve a successful restructuring, reports SmartCompany.
According to a notice from the Australian Securities and Investments Commission (Asic), a resolution was passed at the end of August to wind up the company voluntarily.
SmartCompany confirmed with KPMG that Meet products will remain on supermarket shelves while stocks last, despite the winding-up process.
