BREAKING: Planet Organic founder rescues organic grocer from administration

Planet Organic has been rescued from administration by Bioren Limited, whose shareholders include the founders of the organic supermarket chain, Renée and Brian Elliott.

The deal, which includes the majority parts of the business and its assets, will see 10 Planet Organic stores continue to trade in locations throughout London, saving 194 jobs instore and 71 jobs in the head office.

Four stores will not be included as part of this transaction and will close with immediate effect, forcing 64 redundancies across the company. Administrator Interpath Advisory will be providing support to those impacted as a matter of priority.

The deal was finalised shortly after founder Renée Elliott revealed she was returning to the company to lead a takeover deal for the organic supermarket chain.

The rescue bid saw Bioren beating out Waitrose, Sainsbury’s and Holland & Barrett who had all previously expressed interest in the organic supermarket.

Subscribe to Grocery Gazette for free

Sign up here to get the latest grocery and food news each morning

Looking ahead, the directors of Bioren Limited said they plan to “return to Planet Organic’s vision and values” as they look to reinvigorate the loss-making retailer.

Peter Marsh, Planet Organic’s former chief executive, is also said to have been lined up to make a return to the business.

Will Wright, head of restructuring at Interpath Advisory and joint administrator, said: “Planet Organic is a well-respected brand with wonderful stores and hard working people that genuinely care about the customer experience, which is why over the years it has grown a very loyal customer base.”

Gareth Slater, director at Interpath Advisory, added: “After a competitive process, we’re delighted to have concluded this transaction which will see the Planet Organic name continue to trade and, importantly, protects a large number of jobs.

“We know that the new owners have exciting plans for the business and we wish them the very best for the future and look forward to seeing the business go from strength-to-strength.”