The administrator, UHY Hacker Young, was hired to manage the business and property of ITG and related companies this February.
Jason Drew, ITG’s non-executive director, cannot comment on the process at this point as it is a legal process. He said he would provide a more complete picture in due course.
AgriProtein was founded in Johannesburg, South Africa in 2008 to raise larvae of black soldier flies (Hermetia illucens) on organic waste and process them into a sustainable source of feed protein.
In 2017 the company moved its global headquarters to London. It then also announced a strategy to work with construction conglomerate Christof Industries to build 100 new factories around the world.
It attracted millions of investment funds, raising $ 105 million in June 2018 from an undisclosed, publicly traded individual investor.
In October last year, ITG announced that it was participating in an industrial consortium that had received £ 10m from a UK government program to work with Fera, the Agricultural Industries Association (AIC) and Zero Waste Scotland on a modeling and presentation project The industrial opportunity for large-scale insect protein and waste disposal in the UK for business owners, governments and agricultural stakeholders.
In February of this year, it announced that it was in the process of restructuring its flagship in Cape Town.
In February it said: “Our first development site at Philippi in Cape Town has played an important role since its first iteration in 2011. Over the past few years, our team in Cape Town has actively contributed to future project designs and tests, and refinement of new devices and processes prior to deploying them at our G-Series locations. As we pushed ahead with our US partnership and future G-Series projects, the need for our Philippi line has decreased significantly. This, coupled with the ongoing headwinds from the coronavirus, has resulted in the difficult decision to review the continuation of our South African operations subject to due process. “
