Dairy-free yoghurt brand Coco Tribe follows Made by Cow into voluntary administration
A premium coconut yoghurt brand stocked in hundreds of grocery stores across the country has collapsed into voluntary administration.
A premium coconut yoghurt brand stocked in hundreds of grocery stores across the country has collapsed into voluntary administration.
Coco Tribe was founded in 2016 by entrepreneur Tedy Altree-Williams to provide dairy-free coconut-based yoghurt and ice-cream products.
Its brightly coloured range of six plant-based yoghurt flavours and eight ice cream varieties are stocked in more than 220 retailers across the country, including Costco, Harris Farm outlets and independent IGA, Foodlands and Foodworks supermarkets.
However, documents published by the Australian Securities and Investments Commission (ASIC) show Coco Tribe Pty Ltd was placed in voluntary administration on May 26.
Cor Cordis partners Rachel Burdett and Barry Wight have been appointed to oversee the administration, with the first meeting of creditors to be held on June 7.
Cor Cordis confirmed to SmartCompany that Coco Tribe ceased trading two weeks prior to the appointment of Burdett and Wight, and the directors are now considering whether to implement a Deed of Company Arrangement or put the company into liquidation.
“The company has cited manufacturing issues and supply chain challenges as reasons for the company’s closure,” the administrators added.
The administrators are in the process of assessing the company’s intellectual property and any other related assets.
As of Wednesday morning, Coco Tribe branded yoghurts were available to purchase online from Harris Farm Markets, at a price point of $8.99 for a 300g tub. The retailer also had Coco Tribe coconut oil available, for $9.49 for a 300g jar.
The administration of Coco Tribe comes days after another premium grocery brand cited supply chain challenges as one of the reasons why it also called in external managers.
‘Raw’ milk brand Made by Cow said rising interest rates, inflation and supply chain problems all contributed to its decision to cease trading and appoint administrators from KordaMentha this week.
Made by Cow was the first company to legally sell unpasteurised or raw milk in Australia, after gaining regulatory approval in 2016. Its milk, which was made using a ‘cold pressure’ method to kill harmful bacteria, was stocked across the major supermarket chains as well as hundreds of independent grocers and health-food stores.
SmartCompany has contacted Coco Tribe for further information.
