Piñatex failed. From pineapple yellow, to red in the accounts. The company that produces the material made from pineapple leaf fibers is now bankrupt. So are attempts to improve the financial situation through capital injections. The company tried to find a buyer, but the search ended in vain. Piñatex’s dream of becoming an alternative to leather has shattered in the face of market realities.
Piñatex fails
Ananas Anam UK, the parent company of Piñatex, entered proceedings last August to file for bankruptcy in the United Kingdom. Its Spanish subsidiary Ananas Anam España is also currently in pre-bankruptcy proceedings, and according to sources consulted by Modaes, it will soon file for bankruptcy and liquidation.
Unsuccessful attempts
The British company tried to avoid bankruptcy with capital injections, then the owners sought a buyer, but all attempts were unsuccessful. Two offers were received but no agreement was reached, so the British court appointed two receivers. Ananas Anam UK ended the 2023 financial year with a turnover of about 258,000 euros, compared with 481,000 in the previous year. In 2023, the loss grew from 961,000 in 2022 to over 1.3 million in 2023.
History
Founded in 2013 by Carmen Hijosa, the company operated through Ananas Anam Spain, based in Canet de Mar, Barcelona, and Ananas Anam Philippines, each with between 15 and 20 employees. As the parent company collapsed and employment declined, the Spanish subsidiary, Ananas Anam España, also went into crisis. According to Modaes, turnover in 2023 was 519,000 euros with a loss of 1.03 million euros and debt of 2.14 million.
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