ProForm Foods, an Australian plant-based meat company and producer of the MEET brand, has entered voluntary administration.
Gayle Dickerson and James Dampney of financial advisory firm KPMG Australia have been appointed as administrators, and the first meeting of creditors was reportedly held on May 30. ProForm Foods will continue to operate as normal during the administration process, with MEET products — which include mince, burgers, and tenders — remaining on supermarket shelves.
ProForm Foods began operations in 2005 as a research and development company producing protein ingredients, before launching MEET in 2008. The company claims to have been Australia’s first commercial plant protein producer, and has developed a technology called ProForm High Moisture Cooking to improve the taste and texture of meat alternatives. As well as MEET, the company owns two other plant-based meat brands — Protein Plate and Bad Hunter.
ProForm Foods was founded by engineer Stephen Dunn, whose son Matthew — a former Olympic medal-winning swimmer — currently serves as executive director. The company has 30 employees and supplies Woolworths, Coles, and Hello Fresh, along with various food service outlets.
“Well-established business”
In 2020, ProForm Foods opened an $11 million, 1600 square metre facility in the Sydney suburb of Mount Kuring-gai. The plant has the capacity to produce 5000 tonnes of meat alternatives per year. In 2021, Harvest Road — an Australian agricultural food company with a focus on beef and seafood — acquired a minority stake in ProForm.
Despite the recent difficulties faced by the company, the Australian plant-based meat sector does not appear to be in decline. A report published last month by independent think tank Food Frontier reveals that plant-based meat sales rose by 47% in the country between 2020 and 2023, while per capita consumption increased by 28%. However, most of the growth is in food service, whereas retail sales have seen a slight decrease.
“ProForm is a well-established business in a sector with compelling medium-term growth prospects,” said KPMG restructuring partner James Dampney. “Our focus will be on maintaining normal operations whilst commencing an expedited sale of business process. We will be working with all stakeholders, including employees, suppliers, and customers, to maximise the outcome for all parties.”
