Image: ASDF/Adobe.Stock
Ken Whittingham and Mark Robinson of Fort Restructuring have secured the sale of pioneering plant-based food producer Fenn Foods major assets, days after the Sunshine Coast company entered liquidation.
gold coast-based Smart Foods have entered an agreement to purchase plant and equipment, stock, vEEF and LOVE BUDS brand names, registered IPs, and other intellectual property related to the producer of meat-free alternatives.
“As one of the largest suppliers of plant-based and meat free products to major supermarkets in Australia, there was a very real risk that consumers could have faced product shortages,” said Whittingham.
“This combined with the fact we are dealing with stocks of perishable goods meant that we needed to move quickly to ensure the best possible outcome – with this transaction being completed within seven days of our appointment as liquidators, after discussions with several potential buyers.”
The asset sale, for an undisclosed amount, is also expected to see up to half of Fenn’s 32 employees offered new roles with Smart Foods and continued production at a state-of-the-art Sunshine Coast facility.
