The Rescue of Mighty Drinks: A New Chapter Under The Mighty Kitchen
Sourse: dairynews.today
Mighty Drinks, a plant-based milk alternative brand, has been acquired by The Mighty Kitchen following a period of financial difficulties and administration.
The future of Mighty Drinks, a brand known for its dairy-free milk alternatives, has been secured under the aegis of The Mighty Kitchen. Administrators facilitated the sale to The Mighty Kitchen for an undisclosed amount, ensuring the continuance of the brand. James Clark and Howard Smith from Interpath were appointed as joint administrators last month to handle the affairs of Watkins Drinks Limited, which operates as Mighty Drinks.
Interpath confirmed that the brand's intellectual property and some stock have been sold to The Mighty Kitchen, an entity unrelated to the original company. Mighty Drinks faced significant challenges typical within the plant-based food sector, including rising costs and weakened consumer confidence, leading to a lack of scale and profitability. In 2023, the company reported losses of £12.1m ($16m), a £4m ($5.3m) increase from 2022. Despite these setbacks, the administrators have successfully managed the transition, retaining the brand's three remaining staff members to aid in the transfer process. Moving forward, Interpath will concentrate on liquidating the remaining assets and concluding the administration process.
James Clark highlighted that the acquisition offers a promising platform for the brand's future, especially with potential expansion overseas. George Vou, CEO of The Mighty Kitchen, expressed excitement regarding the acquisition, stating, "This is exciting for us. We’re proud to be able to pick up such a well-crafted brand and to make good use of the work that the team at Mighty has already done." Mighty Drinks, which was launched in 2019, is known for its range of pea protein and oat milks.
Interpath confirmed that the brand's intellectual property and some stock have been sold to The Mighty Kitchen, an entity unrelated to the original company. Mighty Drinks faced significant challenges typical within the plant-based food sector, including rising costs and weakened consumer confidence, leading to a lack of scale and profitability. In 2023, the company reported losses of £12.1m ($16m), a £4m ($5.3m) increase from 2022. Despite these setbacks, the administrators have successfully managed the transition, retaining the brand's three remaining staff members to aid in the transfer process. Moving forward, Interpath will concentrate on liquidating the remaining assets and concluding the administration process.
James Clark highlighted that the acquisition offers a promising platform for the brand's future, especially with potential expansion overseas. George Vou, CEO of The Mighty Kitchen, expressed excitement regarding the acquisition, stating, "This is exciting for us. We’re proud to be able to pick up such a well-crafted brand and to make good use of the work that the team at Mighty has already done." Mighty Drinks, which was launched in 2019, is known for its range of pea protein and oat milks.
