// Planet Organic has been rescued from administration by Bioren Limited
// The deal will see 10 Planet Organic stores continue to trade in locations throughout London
Planet Organic has been rescued from administration by Bioren Limited, whose shareholders include the founders of the organic supermarket chain Renée and Brian Elliott.
The deal will see 10 Planet Organic stores continue to trade in locations throughout London, safeguarding 194 jobs in-store and 71 jobs in the head office.
But four stores are not included as part of the transaction and will close with immediate effect, 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 said they “plan to return to Planet Organic’s vision and values”.
They hope to do so by reinvigorating the business and celebrating its mission, ‘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.”
Last week Sainbsury’s became the latest bidder to explore a last-minute rescue bid on the business, alongside Waitrose and Holland & Barrett.
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.”
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