It has been confirmed that 143 members of staff have been made redundant as Tree of Life and The Health Store have gone into administration.
Chris Pole and Ryan Grant from Interpath Advisory were appointed to Tree of Life UK Limited and Health Stores (Wholesale) Limited, on August 22, 2022.
In a statement, Interpath said 206 employees are located across the two company sites in Newcastle-under-Lyme and Nottingham. Across the two companies, of the 206 employees, 63 were retained to assist the administrators in the realisation of assets and the performance of their statutory duties. Regrettably, the remaining 143 members of staff have been made redundant.
“Over recent months, the group has faced a number of challenges including an unexpected sales decline following the loss of a large customer, and unprecedented market conditions that have impacted on financial performance. Despite significant efforts by the company to avoid insolvency, the directors reached the conclusion that it was in the best interest of creditors for the company to be placed into administration,” the statement read.
“The Joint Administrators are exploring a number of options including seeking a buyer for the businesses, their assets and intellectual property.”
Chris Pole, Managing Director at Interpath and Joint Administrator, commenting: “Regrettably, the loss of business from a key customer, together with the effects of the well documented economic headwinds, including inflationary pressures, have been incredibly challenging for Tree of Life UK Limited and Health Stores (Wholesale) Limited.
“Our immediate priority is to assist those members of staff who have been made redundant, and provide them with the information they require to make appropriate claims.”