According to various sources, vertical farming company OneFarm has filed a Notice of Intention (NOI) to appoint an administrator for its UK subsidiary, OneFarm Ltd with the courts on 11 September 11.
Last May, OneFarm unveiled plans for a vertical farm in Newmarket with a 6,400m2 vertical area and in August it raised £7.5m to build out additional phases of the facility. Once a second phase was complete, the company claimed it would produce 1,000 tonnes of crops a year.
A spokesperson for OneFarm commented, “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.”
According to Business Sale, in its accounts for the year ending 31 August 2022, OneFarm Ltd 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.