Plant-based meat maker Proform Foods falls into voluntary administration
Proform Foods, the manufacturer of MEET plant-based protein products, has entered voluntary administration but is continuing to trade.
The manufacturer of MEET plant-based protein products is continuing to trade, after administrators from KPMG were appointed to the company last week.
Established in 2008, Proform Foods has been producing alternative protein products well before other startups like cultured meat startup Vow entered the market.
On May 22, Gayle Dickerson and James Dampney from KPMG Australia were appointed voluntary administrators to manage Proform Food Group Pty Ltd and its subsidiaries.
The group of companies under administration also includes Proform Food Group Pty Ltd, Proform Innovation Pty Ltd and Proform Gourmet Pty Ltd.
Together, the group employs around 30 employees and will continue to trade while the administrators urgently assess the business, KPMG confirmed to SmartCompany.
KPMG also confirmed all frozen and chilled MEET products will continue to stay on supermarket shelves. The products, which include beef-free mince and burgers and chicken-free tenders, are available from Woolworths, Coles and via food delivery service Hello Fresh.
KPMG Australia restructuring partner James Dampney described Proform as a “well-established business in a sector with compelling medium-term growth prospects”.
The administrators will immediately begin a sale process for the business, added Dampney in a statement provided to SmartCompany.
“We will be working with all stakeholders, including employees, suppliers and customers, to maximise the outcome for all parties,” he said.
History includes investment from Tattarang’s Harvest Road
Proform also produces plant-based protein products under the Protein Plate and Bad Hunter brands, and supplies meat-free alternatives to burger chains and other food service operators.
The company was founded in 2005 by Vogel Cereals founder Stephen Dunn, whose son Matt Dunn, a former Olympic swimmer, later joined the business and serves as CEO and executive director.
MEET, the company’s consumer-facing brand was established in 2008.
The Sydney-based company made headlines in November 2020 when it opened an $11 million manufacturing facility.
In December 2021, Tattarang’s Harvest Road made a strategic investment in the company to take a minority stake, and help it accelerate its growth, according to a press release previously provided to SmartCompany.
The value of the investment was undisclosed at the time, however, reports suggested it was around $5 million.
A press release from 2021 described the company’s “patented cooking technology” produces products that are “the closest alternative to animal meat in the market today”, with meat-like taste and texture and a 4.5-star health rating.
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