Aussie, Fenn Foods trading as Aussie Plant Based Co has been saved from complete liquidation following the sale of its major assets to Gold Coast based, Smart Foods who currently manufacture chef ready-made food. The acquisition includes APBCs popular vEEF and LOVE BUDS brands, stock, plant equipment, and intellectual property, ensuring the brands continue to be available on Australian shelves.
Source: Fenn Foods - vEEF via Google showing vEEF staff (left) and interior of factory operation. (right)
The sale was completed just days after Fenn Foods entered liquidation, with liquidators Ken Whittingham and Mark Robinson of Fort Restructuring moving swiftly to finalise the deal. Whittingham highlighted the urgency of the sale, explaining the perishability of stock required fast action to prevent product shortages for Australian consumers.
Smart Foods, has secured the plant and equipment, intending to restart production at APBC's facility on the Sunshine Coast. The move is expected to save jobs, with up to half of the 32 employees offered roles under the new ownership.
Source: Aussie Plant Based Co vEEF
Fenn Foods which became Aussie Plant Based Co, founded in 2015 by Michelin-star chef Alejandro Cancino, had experienced rapid growth, particularly through its vEEF and LOVE BUDS brands, which are stocked in major Australian supermarkets. However, the company faced challenges due to market shifts and the impacts of COVID-19 on wholesale and restaurant channels. It will no cease as a business entity.
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