Plant-based ice cream company Little Island in liquidation

Little Island sells dairy-free and organic products including ice cream, ice blocks, milk and yoghurt.

A Kiwi plant-based dairy food manufacturer that has raised millions in funding is now in liquidation.

Little Island, which started in 2010, sells dairy-free and organic products including ice cream, ice blocks (“Nice Blocks”), milk and yoghurt.

Clive Bish, Gareth Hoole and Raymond Cox of accountancy firm Ecovis KGA were appointed liquidators of LI Creamery, trading as Little Island Coconut Creamery, on June 13.

In the past five years, Little Island has raised more than $3.7 million.

The company raised $3.2m in June 2020 via online investing platform Snowball Effect, in an over-subscribed funding round where it was seeking $2.2m.

It raised a further $409,287 three years later.

At the time of the 2023 raise, managing director Wade Gillooly said the company had been through some difficult times.

“The past few years have been challenging for Little Island, and I believe the business has not adapted and moved quickly enough during this period,” Gillooly said.

“I joined the business in late 2022 as chair and immediately undertook a strategic review with a focus on profitability and creating shareholder value… the board adopted a new three-year strategic plan with a realistic path to profitability in 2023.”

Gillooly said the working capital would enable the management team to execute its strategy, build profitability and create positive cashflow.

He said the company had established revenue of $7m a year.

The company, which is based in Auckland, was co-founded by two Hawke’s Bay residents, James Crow and Tommy Holden.

Companies Office records show Crow, Gillooly, Shane Lamont and Andrew Lazootin are directors of the company.

The company has an extensive shareholding, with Snowball Nominees holding a 28.36% stake.

Lazootin Trustee is the second-largest shareholder with a 18.27% stake.

The Herald has contacted liquidators and Gillooly for comment.

The first liquidators’ report is due next week.

Cameron Smith is an Auckland-based journalist with the Herald business team. He joined the Herald in 2015 and has covered business and sports. He reports on topics such as retail, small business, the workplace and macroeconomics.