Riot Foods in voluntary administration
Auckland-based company Riot Foods is in voluntary administration after damage to its factory left it desperate for cash. Riot Foods was founded by TV personality Art Green, former Blackcap Mitchell McClenaghan and Ryan Kamins. It owns the CleanPaleo and Poppy & Olive brands.
In early 2018 the company raised $1 million in equity from a crowdfunding campaign, but was still facing significant challenges after the alleged destruction of its Ascot Road facility and so had missed its production date.
Kamins, who was Riot Foods’ Chief Executive, said the company needed to raise a further $ 1million or the business may have to be sold.
Issues with the factory had delayed its re-launch of its biltong and other Clean Paleo product ranges, along with its nut butter brand Poppy and Olive and Better Balls, into the Australian and Asian markets.
Forensic accountants Iain McLennan and Peri Finnigan of McDonald Vague were appointed administrators on February 4, according to a notice on the Companies Office website. A first meeting of creditors is expected on February 15 in Auckland.