Key Takeaways
- OneFarm Ltd, the UK subsidiary of vertical farming company OneFarm, has filed a Notice of Intention (NOI) to appoint an administrator.
- Vertical Farm Daily first reported the news, and was further clarified by OneFarm’s team.
- OneFarm B.V., the Dutch parent company, states that the issues are complex and unrelated to energy prices or sales.
- Last year, the company had ambitious plans for a 6,400m2 vertical farm in Newmarket, Suffolk, and raised £7.5 million for its expansion.
- The company reported fixed assets of £2.1 million and current assets of £2.5 million as of August 2022, with net liabilities exceeding £1.85 million.
OneFarm Ltd, the UK subsidiary of vertical farming company OneFarm, has filed a Notice of Intention (NOI) to appoint an administrator, as reported by Vertical Farm Daily. The move comes as a measure to save the business from liquidation and has led to clarifications from the parent company, OneFarm B.V.
The Filing and Its Implications
The NOI was filed with the courts on September 11, 2023, for the UK-based subsidiary, OneFarm Ltd. Last year, the company announced plans to establish a 6,400m2 vertical farm in Newmarket, Suffolk. They had also successfully raised £7.5 million to build out additional phases of the farming facility. The filing raises questions about the company’s financial stability, which reported fixed assets of £2.1 million and current assets of £2.5 million, with net liabilities of more than £1.85 million as of August 2022.
Clarification from OneFarm B.V.
Responding to the news, the team at OneFarm clarified that the NOI was filed by their UK subsidiary and not by the Dutch parent company, OneFarm B.V. They reported to Vertical Farm Daily, “The issues at hand are more complex and are not related to energy prices or the sales pipeline. More news will be forthcoming and will rectify some of the statements made by Grocer.”
Ambitious Plans for Vertical Farming
The company had ambitious plans for its vertical farming facility in Newmarket. The first development phase would have provided up to 6,400m2 of growing area in nine-meter-high growth towers. A second phase was proposed to increase the growing area to 13,000 m2, increasing the capacity to over 1,000 tonnes of crops yearly.
Image provided by OneFarm
