Yume Food Australia has entered liquidation, appointing Rebecca Gill, Robert Ditrich and Craig Crosbie of Teneo Financial Advisory Australia (Teneo) as Liquidators.

Founded in 2015 as a social enterprise dedicated to reducing manufactured food waste, Yume operates digital trading platform that enables major food manufacturers to sell surplus products.

This platform generates additional revenue for manufacturers by reducing food disposal, while also streamlining the process for donating unsold food to relief organisations – supporting social outcomes and reducing the environmental impacts of food waste.

The Liquidators are undertaking an immediate sale process for Yume’s business and assets.

Commenting on the appointment, Ms Gill says Yume has developed an impressive technology platform which provides a national market for food manufacturers to sell product that otherwise may have been disposed.

“Over the past decade, Yume has established a national network of buyers and sellers, creating a secondary food market that’s become an established and valuable part of many manufacturers’ supply chains,” she says.  

“Having successfully completed significant platform investments, there would be no near-term capital expenditure needed, but unfortunately this investment in the platform has put unexpected strain on Yume’s operating capital.

“This is an attractive opportunity for a prospective buyer to leverage the 10 years of investment into this platform, as well as the relationships and network Yume has built.”

The Liquidators are inviting expressions of interest from a broad range of strategic buyers in food, logistics, ESG, retail, and technology, and will be exploring all strategic opportunities to complete a transaction in the near term.

Since its founding, Yume has returned $30 million to Australian businesses and manufacturers and redistributed 11.5 million kilograms of quality food, avoiding 44 million kgs of CO₂ emissions and saving 2.5 billion litres of embedded water by reducing food waste.