Karakuri, the robotic noodle food serving startup backed by Ocado, has seen a chunk of its assets sold for just £350,000 in a pre-pack administration deal.
Founded by Barney Wragg in 2018, the business raised £13 million in working capital from Ocado, Founders Factory and the Future Fund, which was launched by Rishi Sunak during the pandemic.
Attempts to secure additional finance in June faltered, leading the group to go into administration.
According to filings, RSM, which handled the administration, arranged a pre-pack deal for the assets with Henny Penny, a US catering equipment group last month.
Founders Factory holds a 21% stake in Karakuri, said the documents, while Ocado holds a 26% shareholding via Ocado Ventures.
Wragg is the majority shareholder with a 36% stake, while five other individuals and entities hold the remaining 17%.
According to reports today, one of the sticking points ahead of administration was the Future Fund’s refusal to change the terms of the equity conversion price on its loan notes.
Damian Webb, a partner at RSM, told the Telegraph: “Karakuri explored all available options to secure the available funding to take it to profitability. Regrettably, the current economic landscape undermined these efforts.”