Vertical farming company OneFarm has filed a Notice of Intention (NOI) to appoint an administrator with the courts, The Grocer revealed. On September 11, 2023, OneFarm filed a notice for its UK subsidiary, OneFarm Ltd, with the courts.
Last year May, OneFarm unveiled its plans to break ground in Newmarket, Suffolk, with a 6,400m2 vertical farm. In August 2022, the company raised £7.5m to build out additional phases of the farming facility.
Responding to the news, the team said: "OneFarm Limited, a UK company, has filed a Notice of Intention, not the Dutch company behind OneFarm. OneFarm B.V. states that 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."
The first phase of development at Newmarket would be able to deliver up to 6,400m2 of growing area in nine-metre-high growth towers. Then, a second phase was proposed to increase the growing area to 13,000 m2, increasing capacity to over 1,000 tonnes of crops each year.
According to Business Sale, in its accounts for the year ending August 31, 2022, the firm reported fixed assets of £2.1 million and current assets of £2.5 million. At the time, the company had net liabilities of more than £1.85 million.