Planet Organic owed over £12.5 million to creditors before it was saved in a resuce deal by founder, Renee Elliott last month.
A new report by administrator, Interpath Advisory revealed that as a result of Planet Organic having entered administration, more than 400 unsecured creditors will not be paid the majority of the £8.4m that is owed.
However, a small dividend is expected to be paid back, The Grocer reported.
While many of the brands are owed less than £20,000, speciality wholesaler Wholegood is overdue £428k, independent supermarket As Nature Intended is owed £1.5m, Inverleith is owed £111k and Howard Tenes Logistics is owed £117k.
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The additional £4.1m was owed to secured creditors, Lloyds and Triodos.
Although Lloyds will be repaid, Triodos is not expected to recieve the amount in full.
Around £27k in wages, holiday pay and pension benefits that is currently owed to staff is expected to be paid in full, however more than 40 shareholders are likely to lose a combined £5.8m in shares.
In a bid to find new financing for the retailer in February, when it was suffering high cost inflation and increasing overhead costs, consultancy firm Interpath approched more than 220 parties.
While Waitrose was understood to be making an agreement with Planet Organic, the upmarket retailer pulled out of talks to acquire a stake in March.
However according to the report, investment vehicle backed by Elliot, Bioren Ltd paid £810k to close the deal in April, which has saved 10 of the organic grocer’s 14 stores.
The new management team is set to include Elliot and her husband, Brian, former CEO Peter Marsh and former buying director, Al Overton.
