Wholegood produce

 

Wholegood has secured its future as founder Carl Saxton-Pizzie struck a rescue deal for the fresh produce supplier, saving almost 100 jobs in the process.

Saxton-Pizzie said the pre-pack deal marked a “fresh chapter for the company after a challenging year”.

Wholegood, which supplies organic fresh produce to retailers and indies, has been battling with a turnaround for the past 18 months but continued to face significant headwinds.

The business filed a notice of intention to appoint administrators earlier this month to give it breathing space while it sought a rescue, with insolvency firm Mazars appointed as advisor.

Wholegood entered administration this week and Saxton-Pizzie acquired the business in a pre-pack deal, saving 96 jobs.

The Grocer understands Wholegood worked in partnership with retailers and growers throughout the process and continues to work with its current fresh supply base.

However, it will no longer operate as a branded wholesaler going forward, focusing purely on wholesaling fruit and veg, as well as offering distribution services.

The Wholegood journey

“This has been an extraordinary journey for Wholegood,” said Saxton-Pizzie. “I am deeply grateful for the energy and loyalty of our staff, and for the incredible support shown by our growers, suppliers, and customers during this time. Ensuring continuity through this process has been key for a business that deals in such perishable products.”

Joint administrator Patrick Lannagan of Mazars added: “We are very pleased that we have been able to work with the management and other key stakeholders to achieve continuity for its customers and suppliers.”

Saxton-Pizzie founded Wholegood in 2007 with one van operating out of a disused warehouse in west London. He bootstrapped the business to grow revenues to in excess of £30m, working with the likes of Ocado, Whole Foods and Gail’s.

 

Read more: 

 

The company benefited from the boom in q-commerce operators during the pandemic, winning significant new business, hiring new staff and taking on more distribution capacity as it listed thousands of brands.

However, when the bubble burst, Wholegood was left with an inflated cost base. The collapse of retail partner Planet Organic piled further pressure on the business, which was owed more than £400k by the grocery chain.

Wholegood secured a fresh multimillion-pound investment in late 2023 and embarked on a turnaround push to trim costs and pivot back to its core as a fresh wholesaler.

The Grocer understands the turnaround made significant progress and the business had reached breakeven before running out of money again.

Saxton-Pizzie said Wholegood remained “committed to sourcing high-quality fresh produce from organic and biodynamic farmers, supporting ethical farming practices, and delivering exceptional service”.

“With the restructuring now complete, the company is poised to strengthen its supplier partnerships and continue meeting the needs of its customers while upholding its values of sustainability and innovation,” he added.

Topics