Financial problems have forced Twin, the Fair Trade company that specialises in coffee, cocoa and nuts, to appoint administrators.
Phil Reynolds and Philip Armstrong, both of FRP Advisory LLP, were appointed joint administrators of the company on 8 October 2019.
The affairs, business and property of the company are now being managed by Mr Reynolds and Mr Armstrong.
Twin worked in solidarity with farmers, co-operatives and buyers across global markets for more than 35 years in order to help ensure better livelihoods for farmers.
The company has been at the forefront of the Fair Trade movement during this time and its work since 2008 has resulted in US$129 million of fair trade business and US$9.8 million of additional premiums passed back to smallholder farmers.
Twin challenged traditional market structures and was instrumental in establishing the innovative, Fair Trade brands Divine Chocolate, Cafédirect and Liberation Nuts. These brands have since grown from grassroots movements to being widely recognised and loved, and available in mainstream supermarkets.
In a statement, the administrators said their appointment was the result of a complex combination of internal and external factors, including an increasingly consolidated market and limited finance options alongside delays in the provision of funding for a number of projects. This resulted in what they described as “unsustainable cashflow pressures” which left no choice but for the charity to enter into administration.
Any interested parties with concerns can contact TwinEnquiries@frpadvisory.com.