An innovative company that landed a deal with hardware giant Bunnings to stock its products has collapsed following the death of a worker on the job last year.
Bardee was ordered into liquidation in May after a Melbourne storage company and the Victorian State Revenue Office took the company to court over unpaid debts.
The business launched just five years ago with an eco-friendly plan to us billions of black soldier flies to turn food waste into new products like fertiliser and pet food.
Bardee received $8million in funds from several high-profile investors, including Who Gives A Crap co-founder Simon Griffiths, Culture Amp co-founder Didier Elzinga and his wife, Greta Bradman.
Despite being awarded a contract with Bunnings one year ago, liquidator Anthony Lane from Beacon Advisory said Bardee owed $500,000 to 24 creditors.
Bardee launched five years ago and received $8million in funds from several high-profile investors (pictured is co-founder Phoebe Gardner)
Bardee, the creator of Superfly (pictured), which is an eco-friendly fertiliser, was ordered into liquidation in May
Mr Lane said, in his view, Bardee’s struggles began after an employee was crushed to death by a rubbish collection truck.
The 26-year-old man had gotten out of the truck but it rolled forward and pinned him against a post and building wall.
WorkSafe Victoria is still investigating that incident, News.com.au reports.
‘I think it seems as though the unfortunate workplace casualty that they had last year damaged their business in a number of ways, and only on my very preliminary understanding of the background of the company do I say that,’ Mr Lane said.
‘It’s probably too early to say definitively what was the cause, rarely it is one thing in isolation – a lot of the time with businesses like this it’s a combination of factors.’
Bardee, which was registered under the company name Beyond AG, sacked 30 full-time employees last year in an attempt to stay afloat.
The positions lost included scientists, biologists, geneticists, operations specialists and circular economy specialists.
It is understood Bardee did not have any outstanding employee entitlements at the time of its liquidation but will still be subject to an investigation by the Fair Work Ombudsman.
Bardee’s star product, Superfly, was stocked in Bunnings one year ago with Ms Gardner claiming it had ‘quadrupled’ its order of Superfly stock ‘after one week’
Mr Lane described the collapse of the business as ‘a sad story all around’.
‘At least on its face it seems that we have young entrepreneurs out there trying to make a difference in the world and it hasn’t worked for a range of reasons,’ he said.
‘Unfortunately the way insolvency works in this country is those people are often pilloried rather than being lauded and respected for work done. We don’t have a society that is particularly tolerant for failure, it’s sad for everyone.’
The landlord and Victorian State Revenue Office are owed the most money with suppliers and trade creditors also owed significant amounts.
It’s understood Bunnings is owed $700.
Mr Lane is also investigating Beyond AG’s sale of the Bardee brand and its recycling technology to a manufacturer in 2023.
Bardee co-founder Phoebe Gardner told the Australian Financial Review the company had secured funds to pay employee entitlements.
‘Subsequently, delays with third-party insect rendering services created unsustainable operational costs. We are now working closely with the appointed liquidator to secure the most favourable outcomes for remaining creditors,’ she said.
Liquidator Anthony Lane from Beacon Advisory found Bardee owed $500,000 to 24 creditors (pictured, Bardee CEO Phoebe Gardner and CTO Alex Arnold)
The collapse is in bleak contrast to Ms Gardner’s announcement just one year ago in which she claimed Bunnings had ‘quadrupled’ its order of Superfly stock ‘after one week’.
‘Never before has the food waste circular economy been so available and visible to everyone across Australia,’ she wrote on LinkedIn.
‘Food waste tipped at Bardee facilities is transformed in seven days into fertiliser and protein products, instead of going to landfills. now, you can grow your garden and indoor plants with sustainable Superfly fertiliser from your local Bunnings store.’
***
Read more at DailyMail.co.uk