Almost 18 months after In2Food was bought out of receivership by fresh and frozen produce company Produce Republic, the fruit and vegetable supplier has collapsed again.
In2Food supplies produce to hospitality venues and aged care homes and originally went into receivership in 2021, when it was badly affected by the pandemic.
It was acquired by Produce Republic for an undisclosed sum, which said the business had “outstanding fundamentals, with established supply relationships with local growers, a diverse customer base, loyal employees, and an integrated national footprint”.
Six months later, In2Food acquired MD Provodores, making In2Food one of the largest suppliers of fresh and processed produce to the hotel, restaurant and café (HoReCa) market in Sydney.
MD Provodores supplied more than 550 venues across Sydney with fresh – and through its wholly owned subsidiary Slice + Dice – pre-cut fruit and vegetables.
Produce Republic managing director Brett Jackson told Food & Drink Business, “In2Food’s state-of-the-art processing facilities, expansive reach and direct-from-farm approach, enhanced by MD Provodores’ local experience, diverse customer base and processing operations will make for a formidable force in a competitive market.”
It is unclear if or how much of Produce Republic, its Aussie Frozen Fruit business, and MD Provodore are affected.
According to media reports on News Ltd, the collapse leaves $20 million in debts and around 1000 creditors.
While it went into voluntary administration on Tuesday, when HLB Mann Judd took over management the Sydney and Melbourne operations had already ceased trading.
HLB Mann Judd partner Todd Gammel told News Ltd, “The other businesses around Australia have continued and we are urgently looking at how we can fund those businesses to keep them going or for someone to buy them.
“It’s very early in the process. We are going through our normal approach and keeping everyone up to date. It’s obviously a unique trading environment at the moment so we are doing everything we can to see where we will get to over the next phase of the process.”
HLB Mann Judd filed a combined notice of appointment and first meeting of creditors on 9 March. The first creditors meeting will be held on 16 March.
HLB Mann Judd and Produce Republic have been approached for comment.
