Plant-based meat maker Proform Foods to be wound up

Proform Foods, the manufacturer of MEET plant-based protein products, will be wound up three months after it fell into voluntary administration after efforts to restructure the business were unsuccessful.

The alternative protein maker was established in 2005 and secured coveted shelf space in the country’s major supermarket chains with its MEET brand.

However, it fell into voluntary administration in May this year, with Gayle Dickerson and James Dampney from KPMG Australia appointed voluntary administrators to manage Proform Food Group Pty Ltd and its subsidiaries.

According to a notice published by the Australian Securities and Investments Commission (ASIC), the company is now set to be wound up voluntarily, after a resolution was passed to that effect at the end of August.

The group of companies to be voluntarily wound up includes Proform Food Group Pty Ltd, Proform Innovation Pty Ltd, Proform Gourmet Pty, Proform Foods Pty Ltd and Proform Admin Pty Ltd.

It comes at a time when the wider plant-based meat sector is under pressure, with Sydney-based restaurant chain Flave also reportedly shutting its doors permanently this month.

Proform Foods, which had around 30 employees as of May this year, had continued to trade during the voluntary administration process.

KPMG also confirmed to SmartCompany in May that all frozen and chilled MEET products would stay on supermarket shelves during the administration process. The products, which include beef-free mince and burgers and chicken-free tenders, are available at Woolworths, Coles, and via food delivery service Hello Fresh.

At the time, KPMG Australia restructuring partner James Dampney described Proform as a “well-established business in a sector with compelling medium-term growth prospects”.

The administrators undertook a sale process for the business, however, a successful restructuring of the business was not achieved.

The winding up of the company comes close to three years after Tattarang’s Harvest Road took a minority stake in the business in 2021, as part of an investment that was reported to be worth around $5 million.

The Sydney-based company, which was founded by Vogel Cereals founder Stephen Dunn and later led by his son, former Olympic swimmer Matt Dunn, opened an $11 million manufacturing facility in November 2020.

Proform also produced plant-based protein products under the Protein Plate and Bad Hunter brands, and supplied meat-free alternatives to burger chains and other food service operators.

SmartCompany has contacted KPMG for comment.

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