Latest news with #Interpath
Yahoo
20 hours ago
- Business
- Yahoo
UK alt-milk maker Mighty Drinks goes into administration
UK-based alternative milks brand Mighty Drinks has appointed administrators for the business after facing recent "headwinds". The oat and pea milks producer appointed James Clark and Howard Smith from Interpath as joint administrators, a statement from the financial advisory group said yesterday (17 June). Mighty Drinks produces a range of pea protein and oat milk products which are sold across the country in major retailers such as Sainsbury's, Asda and Tesco. In the statement, Tom Swiers, food and drink sector lead at Interpath, said: 'There has been an increasing focus on profitability within all aspects of the 'alt' category, following the investment boom of a few years ago. "It is no longer simply a case of, 'growth as number one priority'". Interpath said Mighty Drinks had seen "headwinds in recent years", such as increasing costs and "fragile consumer confidence", which has affected its ability to scale and reach profitability. While the company's directors intended to look into investment options, "but when it became clear that a solvent outcome was not possible, they took steps to file for the appointment of administrators". Swiers added: 'The Mighty team has created a great product, with an exciting kids-milk range set to launch with retailers given the allergen free benefits of pea-protein, and a path to profitability from improved margins and increased volumes. "Unfortunately, however, this has come at a point in the company's cycle where it required further investment which was not forthcoming from typical investors in this space, nor was it attractive to typical 'special situations' investors given the relatively early stage of the company's development.' Companies House filings for Watkins Drinks Limited, which trades as Mighty Drinks, showed the group had racked up £12.1m in losses in 2023, a roughly £4m deeper loss than it booked the previous year. Managing director at Interpath and joint administrator for Mighty Drinks James Clark said Interpath would look into "the options available" for the company with its stakeholders. Potential avenues being explored include "seeking offers for the business and its assets, including the Mighty brand and related intellectual property", he added. Just Food has contacted Mighty Drinks for comment. Plant-based milk has become an increasingly competitive space in UK grocery retail, and has resulted in some companies pulling brands. In January, Arla Foods announced its intention to remove its Jörd alternative milks brand from UK retailers. The brand had been launched in 2020 and was the company's first move in plant-based milk alternatives. Two years ago, Nestlé also announced it was pulling its Wunda alt-dairy brands from UK and Ireland retail, alongside its meat-free Garden Gourmet range. Despite a slowing momentum for the plant-based milk category in the UK, in Novemeber, Oddlygood, owned by Finnish dairy company Valio, announced it had acquired UK rival Rude Health. At the time, the group said the move intended to bolster its market share in plant-based drinks in the UK. "UK alt-milk maker Mighty Drinks goes into administration" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Business
- Yahoo
Music shop closure brings fear for industry's future
A drum salesman said he is "heartbroken and devastated" by the closure of a city music shop. Professional Music Technology (PMT) went into administration in June. It first opened it's Norfolk store in Anglia Square, Norwich, in 2008, before moving to Botolph Street in 2012. Administrators Interpath said rising costs, dwindling margins, and the cost of living had led to "challenges too difficult to overcome" in keeping it open. Dan Moss, who worked as the store's percussion expert, said that the music store industry was "definitely and gradually dying." Mr Moss first heard the news on the day the store went into administration. "It was pretty heavy, it completely came out of the blue. We had no idea it was going to happen," he said. He added that the closure created a "void" for musicians in the county. "Youngsters would come in and get inspired. The whole community could come in and see instruments in person," he said. "It's going to have a massive impact on Norfolk." Norwich-based sound engineer and tour manager, Dylan Barber, said music stores like PMT were "paramount" in helping him get into the music industry. The 24-year-old bought his first guitar from the store and said he was worried about the impact music shop closures will have on the music industry. "There's nothing quite like the physical element of picking up an instrument and feeling connected to it," he said. "The fact that there's less of that available presents as a bit of a stark warning that we need to do something if we want to keep the industry flowing." Interpath said: "Our immediate priority is to provide support to those employees who have been made redundant." Mark Hedges of Cookes Band Instruments in St Benedicts St said while his own business was thriving, he was "sorry" to see PMT close. "They're all passionate people who love music and want to pass on their knowledge," he said. Follow Norfolk news on BBC Sounds, Facebook, Instagram and X. Musical instrument shop will be 'sorely missed' 'Music is too often neglected by policymakers' Boy, 11, becomes piano prodigy by watching YouTube
BBC News
a day ago
- Business
- BBC News
Norwich music store closure brings fear for industry's future
A drum salesman said he is "heartbroken and devastated" by the closure of a city music shop. Professional Music Technology (PMT) went into administration in June. It first opened it's Norfolk store in Anglia Square, Norwich, in 2008, before moving to Botolph Street in Interpath said rising costs, dwindling margins, and the cost of living had led to "challenges too difficult to overcome" in keeping it Moss, who worked as the store's percussion expert, said that the music store industry was "definitely and gradually dying." Mr Moss first heard the news on the day the store went into administration. "It was pretty heavy, it completely came out of the blue. We had no idea it was going to happen," he said. He added that the closure created a "void" for musicians in the county. "Youngsters would come in and get inspired. The whole community could come in and see instruments in person," he said."It's going to have a massive impact on Norfolk." Norwich-based sound engineer and tour manager, Dylan Barber, said music stores like PMT were "paramount" in helping him get into the music industry. The 24-year-old bought his first guitar from the store and said he was worried about the impact music shop closures will have on the music industry."There's nothing quite like the physical element of picking up an instrument and feeling connected to it," he said."The fact that there's less of that available presents as a bit of a stark warning that we need to do something if we want to keep the industry flowing." Interpath said: "Our immediate priority is to provide support to those employees who have been made redundant." Mark Hedges of Cookes Band Instruments in St Benedicts St said while his own business was thriving, he was "sorry" to see PMT close. "They're all passionate people who love music and want to pass on their knowledge," he said. Follow Norfolk news on BBC Sounds, Facebook, Instagram and X.
Fashion United
4 days ago
- Business
- Fashion United
Seraphine to explore strategic investment options as it eyes growth
Maternity brand Seraphine has commenced a process to identify a new investor as it looks towards its next phase of growth. The process is being overseen by advisors at Interpath, the firm confirmed to FashionUnited, with a variety of options being mulled, including, but not limited to, a new investor or a full sale. The news shortly follows Seraphine's relaunch in April 2025, which was supplemented by a new brand identity designed to align more closely with a 'whole new paradigm' of pregnancy. Hailed as a 'new era' of communication, Seraphine had said it wished to dismantle negative connotations surrounding maternity-focused fashion through collections formulated by in-house designers. Search for new investment follows brand relaunch Now, the British label is seemingly looking to further scale this concept through an additional investment that it hopes will drive the business forward in the next phase of its growth journey. While both Seraphine and Interpath were not able to provide an on-the-record statement to FashionUnited in regards to the matter, the brand's chief design and creative officer, Annie Holt, had told The in an earlier report: 'As we build on the momentum of our recent brand relaunch and website re-platform, this is a natural next step in Seraphine's journey. 'We've redefined what maternity fashion can be – placing design, functionality, and confidence at the heart of every piece. As we look to the future, this process is about finding the right partner to support and accelerate that vision, while staying true to the pregnant women we design for every day.'
The National
03-06-2025
- Business
- The National
All jobs lost as liquidators appointed to Dundee travel firm
James Dewar and Alistair McAlinden from Interpath were appointed as joint provisional liquidators to Fishers Tours Limited on Friday, after the transport firm ceased operating in May after more than 20 years in business. The Dundee-based private hire coach company provided short and long-distance travel across the country, along with several long-standing contracts with local councils, including transportation agreements to take pupils to and from schools in Dundee and Angus. The collapse of Fishers Tours has left Dundee City Council and Angus Council having to make alternative arrangements for school transport for hundreds of pupils. READ MORE: Sam Heughan to play Macbeth in Royal Shakespeare Company debut The firm employed 27 people and operated from Mid Craigie Industrial Estate with a fleet of 18 coaches. Last week Fishers Tours listed 10 of its coaches on the auction website Sweeney Kincaid. Administrators said the business faced financial challenges in recent months amid rising costs, but operated with fixed-price customer contracts. Fishers Tours ceased trading on Friday, May 23, and all staff were made redundant upon the appointment of the liquidators. All services, including pre-booked hires, group travel and music event travel, have been cancelled. Customers with bookings have been advised to seek alternative travel arrangements, while those who have paid deposits have also been advised to speak to their bank or credit card provider. Alistair McAlinden said: 'Fishers Tours has been a core part of the local transport network in the Dundee City and Angus region for more than two decades and we recognise the devastating impact the closure of the business will have on staff, customers and wider community. 'Regrettably, all bookings and services have been cancelled and customers are advised to seek alternative arrangements and engage with their bank or credit card provider if a deposit has been paid. 'As provisional liquidators, our immediate focus is to explore the circumstances of the liquidation and support affected employees to ensure they have access to the necessary guidance in making claims to the Redundancy Payments Office.' Last month, one employee told The Courier the decision was unfair after it was revealed the business had closed suddenly, they said: 'This has come completely out of the blue. 'Everyone was stood on the yard completely shocked. We feel totally helpless. 'That's more than 20 drivers and mechanics who won't have jobs next week. How is that fair?"
