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Planet Organic founders buy company out of administration

Planet Organic founders beat out Sainsburys to buy grocer out of administration

Planet Organic has been saved from administration by Bioren Limited, whose shareholders include the founders of the organic grocery business. The agreement will keep 10 Planet Organic stores open in London, saving 194 jobs in-store and 71 employees in the head office. However, four locations were not included in the sale and would close immediately, resulting in 64 redundancies.

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The joint administrators “will be providing support to those impacted as a matter of priority.” Looking ahead, the directors of Bioren Limited, which include Planet Organic founders Renée and Brian Elliott, said they “plan to return to Planet Organic’s vision and values.” The plan to revamp the business’s message to ‘To promote health in the community’, and to renew training and culture, “with the aim of inspiring people to eat well and create personal health and vitality while supporting the earth’s health and biodiversity.”

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The group won the bid ahead of last-minute bids from supermarket giant Sainsbury’s and health food provider Holland & Barrett Sainsbury’s, along with Waitrose and Holland & Barrett, became the latest suitor to investigate a last-minute rescue bid on the business last week. Need Career Advice? Get employment skills advice at all levels of your career Interpath Advisory head of restructuring and joint administrator Will Wright 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.” Interpath Advisory director Gareth Slater 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.” Source: Retail Gazette Follow us on YouTube, Twitter,LinkedIn, and Facebook