UK-based vertical farmer Jones Meals Firm has entered administration.
The enterprise, which was arrange in 2017 and secured backing from Ocado two years later, has ceased manufacturing. It has appointed RSM UK as administrator.
Jones Meals confirmed it’s seeking to promote its property however stated it’s “unable to touch upon whether or not there are any patrons at this stage”.
Based on a press release despatched to Simply Meals by RSM UK, the agri-food firm’s 61 workers have been made redundant however a “core staff of 11” are nonetheless employed, serving to the directors in sustaining the positioning and managing potential patrons.
Damian Webb, a companion at London-based RSM UK, stated: “The corporate has constructed a state-of-the-art vertical farming facility with a extremely expert workforce. There’s a nice alternative for a purchaser to construct on the funding so far to take the enterprise ahead.”
Gloucestershire-based Jones Meals constructed indoor, hydroponic farms to develop contemporary produce in a managed setting.
Based on the corporate’s web site, at one level it delivered 3,000kg of herbs every week to UK clients.
The enterprise stated its totally automated farms have been in a position to develop 100 occasions extra yield per m2 in comparison with conventional land, whereas lowering operational prices, utilizing renewable electrical energy and processing 90% much less water.
It has two farms. JCF1 in Scunthorpe, Lincolnshire, opened in 2018 and a second in Chepstow in Gloucestershire was launched final 12 months. Throughout the websites, Jones Meals Firm provided private-label merchandise and produce beneath two manufacturers: Homegrown and Leaf. The enterprise additionally has an innovation centre in Bristol.
Final month, US-based Lots Limitless filed for Chapter 11 chapter safety to maintain its enterprise afloat because it restructures operations.
The California-headquartered firm filed for chapter within the Southern District of Texas court docket because it sought to “restructure its liabilities, streamline operations and focus its go-forward operations”.
In a press release on 23 March, Lots stated it has additionally obtained a “dedication” for debtor-in-possession (DIP) financing of $20.7m.
