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Vertical farming business Greenleaf Fresh, which traded under the name Greengrower, has gone into voluntary administration.

Adele Hicks and David Ruscoe, of Grant Thorton, were appointed administrators by resolution of the company’s directors on December 31.

A statement from Grant Thornton said the decision followed “recent financial challenges impacting the company’s operations”.

“The administration process aims to protect the interests of employees and creditors while working towards a future for the business. Updates will be provided as necessary throughout this period.”

Greenleaf Fresh’s directors are Malcolm Boyd, Matthew Crosby, Brendhan Greaney, Ian Holland, Samuel Mellor and Bruce Miller, Companies Office records show.

Its largest shareholder is the BK Portfolio, which owns 15.87% and whose underlying shareholders are Bruce and Kellie Miller, of Hamilton.

Marire Limited Partnership owns 15.64%, Warehouse Storage owns 11.72%, Perry Securities 10.94%, Ahikouka Holdings has 10.72% and Ian and Janine Holland own 7.49%.

Greengrower’s website says it uses vertical farming to grow “clean, sustainable, nutritious and deliciously fresh produce” in New Zealand.

Its produce is grown upwards in stacked layers. The company claims its technology is backed by over 25 years of academic research by scientists.

The process claims to use 95% less water than conventional horticulture and requires a fraction of the land that traditional horticulture needs.

The Hamilton-based company was set up in May 2017.