Over 400 Unsecured Creditors to Lose Out on Repayment
- Planet Organic owed creditors £12.5m before rescue deal
- More than 400 unsecured creditors will not be repaid majority of £8.4m
- London-based speciality wholesaler Wholegood owed £428k
- As Nature Intended owed £1.5m, Inverleith £118k and Howard Tenens Logistics £117k
- Secured creditors Triodos and Lloyds owe £4.1m, with Lloyds expected to be fully repaid
- Planet Organic owed staff £27k for wages, holiday pay and pension benefits
- HMRC to receive all outstanding £710k
- Bioren Limited paid £810k to close the rescue deal
- 10 stores continue trading, saving 194 in-store jobs and 71 head office jobs
- Four stores closed with immediate effect, causing 64 redundancies
- Bioren Limited plans to reinvigorate business and promote health in the community
Planet Organic owed creditors over £12.5 million before entering administration, with more than 400 unsecured creditors unlikely to be repaid the majority of their £8.4 million debt. Wholegood is owed £428k, while As Nature Intended and Howard Tenens Logistics are owed £118k and £117k respectively. Secured creditors Triodos and Lloyds owe £4.1m, with Lloyds expected to be fully repaid. Bioren Limited, an investment vehicle owned by Planet Organic founders Renée and Brian Elliott, paid £810k to close the rescue deal. The deal saved 194 in-store jobs and 71 head office roles, but four stores closed immediately, resulting in 64 redundancies. Bioren Limited plans to revitalize the business by promoting health and wellness in communities.
Factuality Level: 9
Factuality Justification: The article provides accurate and objective information about Planet Organic’s financial situation, its creditors, and the rescue deal by Bioren Limited. It also includes details on the number of stores affected and jobs saved or lost. The only potential issue is the mention of ‘Planet Organic founders Renée and Brian Elliott’, which might be considered a minor detail not directly related to the main topic.
Noise Level: 3
Noise Justification: The article provides relevant information about Planet Organic’s financial situation and the rescue deal by Bioren Limited, including the amount owed to creditors, expected repayments, and plans to reinvigorate the business. It also mentions the impact on jobs and the company’s history. However, it could benefit from more analysis or context about the broader implications of this event in the organic food industry or potential lessons learned for other businesses.
Financial Relevance: Yes
Financial Markets Impacted: Planet Organic’s creditors and shareholders
Financial Rating Justification: The article discusses the financial situation of Planet Organic, a UK organic food retailer, which went into administration owing more than £12.5m to its creditors. It also mentions the impact on shareholders who lost shares worth a combined £5.8m and the rescue deal by Bioren Limited that saved 10 stores and 194 jobs.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: No extreme event mentioned in the text
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