Allplants has filed to appoint administrators as it seeks a deal to rescue the brand from insolvency.

According to The Grocer, the plant-based ready meal brand filed a notice of intention (NOI) to appoint an administrator, a move designed to give companies a chance to negotiate a rescue deal.

Founder Jonathan Petrides told the title that the executive team were “working tirelessly” with recovery firm Interpath to evaluate “all possible options for restructuring, refinancing and ensuring the sustainability of Allplants”. While it is understood there is currently one potential buyer interested in helping recover the business, if an agreement cannot be made, the company is likely to go into administration.

The news comes despite Allplants, which launched in 2016, having received several rounds of funding in recent years, including a cash injection of £1.8m in June this year.

In 2023, the brand celebrated surpassing six million meals sold within three months of launching on Ocado, Planet Organic and many independent stores across the UK.

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However, despite this, the business has faced tough blows to its finances over the years, experiencing losses of £9.9m in the seven months to 31 March 2023, as sales dropped to just £4.1m, while the previous year’s performance saw losses of £11m.

Speaking to the publication, Petrides said that period was “undoubtedly the most intensively choppy waters we’ve ever sailed the Allplants ship through”.

He added: “While we are navigating the best path through, our focus is on continuing to deliver the best possible service to our customers while protecting the interests of our creditors, employees and shareholders.”

However, it is not the only plant-based brand to be hit by a wane in demand for vegan options. Earlier this year, Quorn owner Marlow Foods CEO stepped down after the company revealed it had experienced losses of £63m in 2023 as sales fell by 6.9% – its lowest levels since 2017.

Last year, Meatless Farm and Heather Mill’s VBites fell into administration, while Beyond Meat slashed costs in a bid to arrest its slump in sales.