Online DTC butcher Farmison has filed a notice of intention to appoint administrator on March 28th having failed to secure a deal with a London based counterpart. Farmison, which launched in 2011, had raised £2m in a crowdfunding campaign earlier this year but did not take the funds. FRP Advisory’s Arvinder Singh and Ben Jones were appointed as joint administrators ahead of the Easter weekend and have made the majority of the business’ 75 employees redundant.
Singh commented: “Farmison had made significant investment in recent years in its operations as it aimed to carve out a differentiated brand and offering in the online retail space. However, it proved too heavy a burden to sustain without the uplift in sales that it had expected. Without a major capital injection, the business could not continue trading and we must now commence an asset sale.”