Proform Food Group, the manufacturer of plant-based protein brand MEET, has been placed into voluntary administration.

Gayle Dickerson and James Dampney from KPMG Australia have been appointed voluntary administrators to manage Proform Food Group Pty Ltd and its subsidiaries, which include the MEET, Protein Plate, and Bad Hunter brands.

Dampney, Restructuring Partner at KPMG Australia, described Proform – the first commercial plant protein manufacturer in Australia – as a well-established business in a sector that has compelling medium term growth prospects.

“As Administrators, our focus will be on maintaining normal operations whilst commencing an expediated sale of business process,” Dampney said. “We will be working with all stakeholders, including employees, suppliers and customers, to maximise the outcome for all parties.”

Dickerson and Dampney have assumed the day-to-day control of the Group, which will continue to operate as normal whilst a rapid assessment of the business is conducted by the Administrators.

KPMG also confirmed all frozen and chilled MEET products will continue to stay on supermarket shelves. The products – which include beef-free mince and burgers and chicken-free tenders – are available from Woolworths, Coles and via food delivery service Hello Fresh.

Proform Food Group, the manufacturer of plant-based protein brand MEET, has been placed into voluntary administration.
MEET plant-based chicken strips.

Proform has described its plant-based meat as the “closest alternative to animal meat in the market today”, emphasising the products’ meat-like taste, texture, and 4.5-star health rating. The company also has a proprietary and patented protein process called ‘PHMC Proform High Moisture Cooking’ technology, which Proform considers its competitive edge.

In 2006, Proform founder Stephen Dunn formed a $2.5 million partnership with Australia’s science agency, CSIRO to develop technology to produce plant-based protein at scale. He then founded Proform in 2008, with over $8 million being invested in R&D followed by the commissioning of an $11 million manufacturing plant in late 2020.

Dunn’s son, Matthew Dunn, took over as CEO in 2019.

In December 2021, Harvest Road – the agrifood business owned by Australian mining magnate Andrew ‘Twiggy’ Forrest – made a strategic investment in the company to take a minority stake and accelerate its growth. A report from Smart Company estimated the investment figure at the time as around $5 million.

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