Crown Holdings has acquired Plantmade out of administration.
WHO: Ghanaian-British entrepreneur Ama Amo-Agyei started Plantmade in 2020. Inspired by her struggles with hair loss, the brand arrived on the market at a time when many consumers were suffering from stress-related hair loss during the pandemic. The vegan haircare brand incorporates ingredients from Africa, South America, and South Asia with formulations that draw from Ayurvedic and African traditions. The direct-to-consumer brand was amplified by more than 340,000 followers across personal and company accounts.
WHY: The founder stepped away from the brand after it fell into administration in June owing £1.8 million ($2.3 million).
IN THEIR OWN WORDS: “Financial difficulties due to pressure from short-term lenders and threats of legal action/winding up petitions ultimately led to the director taking the steps to place the company into administration,” the administrator said.
DETAILS:
- Crown Holdings, whose sole director is the businessman Toni Fola-Alade, acquired the assets of Plantmade for £30,000 ($40,000) through a “pre-packaged sale.”
- Fola-Alade is also the principal of Culture Capital, which invests in young companies alongside other wealthy investors.
- Founder Ama Amo-Agyei and her brother, Fred, and husband, Travis, are no longer involved in the brand as of October 10, according to an IG post.
- The new owners invested additional capital to stabilize operations, fulfill outstanding orders, and retain more than 15 staff members.
- Plantmade owed about $1.7 million to banks and other financial institutions, including around $570,000 to banking solutions provider Juni. It had another roughly $402,000 in unpaid...
