Australia's first commercial plant protein manufacturer, Proform Foods, will be officially wound up after it fell into voluntary administration in May.
In late May this year, it was announced that the plant-based protein products manufacturers of MEET, Protein Plate, and Bad Hunter brands would be administered by Gayle Dickerson and James Dampney from KPMG Australia.
The Australian Securities and Investments Commission (ASIC) published a notice on 28 August stating that the company, including Proform Food Group, Proform Innovation, Proform Gourmet, and Proform Foods, would be liquidated voluntarily.
At the time, KPMG Australia restructuring partner, James Dampney, said, “Proform is a well-established business in a sector with compelling medium term growth prospects.
“As administrators, our focus will be on maintaining normal operations whilst commencing an expedited sale of business processes. We will be working with all stakeholders, including employees, suppliers and customers, to maximise the outcome for all parties.”
The company had around 30 employees as of that time, and had continued to trade during the voluntary administration process.
In 2006, Proform founder Stephen Dunn and CSIRO formed a $2.5 million partnership to pioneer technology to manufacture plant-based protein at scale. Prior to that he had worked extensively in cereal production.
In 2020, the company opened an $11 million manufacturing plant on the northern outskirts of Sydney, with plans to triple growth in the next 12 months.
Agribusiness Harvest Road, part of Dr Andrew Forrest’s private investment arm Tattarang, also invested an undisclosed sum in ProForm Foods in early 2022.
The first creditors meeting was held on 30 May.
