Planet Organic founders buy retailer out of administration
Planet Organic has been bought out of administration by Bioren Limited, beating out Sainsbury’s, Waitrose, and Holland & Barrett, who had all bid to rescue the struggling grocer.
Bioren Limited’s shareholders include Renée and Brian Elliott, who founded the organic supermarket chain in 1995.
Will Wright and Christopher Pole of Interpath Advisory were appointed on Tuesday after the retailer was placed into administration, with the majority of the business immediately sold to Bioren.
The rescue deal sees 10 Planet Organic stores continuing to trade in London, saving 194 in-store jobs and 71 head office roles.
The directors of Bioren Limited said they plan to return to the retailer’s “vision and values”.
Interpath Advisory director Gareth Slater said: “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.”