Plant-based food company Fenn Foods has been rescued by rival Smart Foods after entering liquidation last week.
Smart Foods has acquired Fenn’s equipment, stock, and the Veef and Love Buds brand names, according to the Australian Financial Review. The company has also bought Fenn’s registered IPs for an undisclosed sum.
Smart Foods plans to offer new roles to half of Fenn’s 32 employees and expand the distribution of its brands. Production at the Sunshine Coast facility will continue as normal.
Founded by Michelin star chef Alejandro Cancino in 2015, Fenn Foods was one of the major suppliers of plant-based and meat-free products to Woolworths and Coles.
Last October, the company merged with Love Buds, a spun-off subsidiary of All G Foods, with each entity reportedly targeting around $5 million in annual revenue. All G Foods, which specialises in precision fermentation, is not affiliated with Fenn Foods.
Liquidators are now working with secured creditors and employees and towards producing a creditors report, the AFR added.
