Planet Organic rescued from administration
UK organic supermarket chain Planet Organic has been rescued by Bioren Limited, whose shareholders include the founders of the organic supermarket chain, Renée and Brian Elliott. The deal will see ten Planet Organic outlets remaining open across London, saving 194 jobs instore and 71 jobs in the head office. However, four stores will not be included in this transaction and will close with immediate effect, forcing 64 redundancies across the company. Administrator Interpath Advisory will be providing support to those impacted as a matter of priority.
The deal was finalised shortly after founder Renée Elliott revealed she was returning to the company to lead a takeover deal for the organic supermarket chain. Bioren beat out Waitrose, Sainsbury’s and Holland & Barrett to save Planet Organic.
The directors of Bioren Limited said they plan to return to Planet Organic’s vision and values as they look to reinvigorate the loss-making retailer. Peter Marsh, Planet Organic’s former chief executive, is also said to have been lined up to make a return to the business.
Will Wright, head of restructuring at Interpath Advisory and joint administrator, 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.”