Ananas Anam, the company known for creating Piñatex, a plant-based material made from pineapple leaves, has entered insolvency in the United Kingdom. Its Spanish arm is also waiting for court approval to begin liquidation.
The company had been struggling for months to recover from financial difficulties. Several attempts to raise funds or sell the business failed, leading UK courts to appoint two insolvency administrators on August 19.
In 2023, Ananas Anam UK reported revenue of £240,849 ($318,455), falling from £419,849 ($555,133) in 2022. Losses also deepened, reaching £1.14 million ($1.5 million) compared to £839,327 ($1.1 million) a year earlier.
Founded in 2013 by Carmen Hijosa, Ananas Anam gained global attention for Piñatex, an alternative material to leather. The company operated through two subsidiaries one in Spain and another in the Philippines with small teams of 15 to 20 people in each location.
The Spanish unit, Ananas Anam España, also saw its performance decline in 2023. Its annual turnover dropped 20.4% to €518,515.
Personnel costs doubled to €673,748 while operating income fell sharply. As a result, losses rose to €1.03 million, almost twice the figure from 2022.
The company managed to reduce its total debt to €2.14 million from €3.32 million, mainly by cutting short-term liabilities.
However, long-term debt increased to €2.01 million, including €1.17 million owed to other group companies.
Piñatex had once been viewed as an alternative to leather. But rising expenses, weak demand and difficulty scaling production have now pushed the business to the brink.
With insolvency now declared in the UK and liquidation pending in Spain, the future of Ananas Anam and its innovative pineapple-based material remains uncertain.
