The health focused meal prep manufacturer fell into administration earlier this year, with Mackay Goodwin’s Stuart Kelly, Claire Harsley and Adam Famworth appointed as administrations on 3 August.
This follows a turbulent few years for MuscleFood, which despite sales growth in FY24, saw post-tax losses almost double from £3.7 million to £6.8 million.
Sales then started to drop, falling 25% from £30.7 million to £23 million for the year ended 31 July 2025.
Its dwindling accounts prompted a major restructuring plan, aimed at simplifying the business. However, a new ownership deal backed by Nick Preston and Ross Carlin wiped out much company’s debt written off.
Preston, who acquired the business in August 2025, has a long history with Muscle Food, having been on the board since 2014. He also previously held the position of acting CEO between September 2019 and February 2020, before becoming co-CEO until December 2021. He took over as acting chief executive officer again in June 2022, and then was appointed as CEO in October 2022 - a position he held for two years.
Under his ownership, he returned to the helm once more - that is until the business collapsed again this year.
The demise of the business follows a loss in lender confidence, delivery disruptions and consumer complaints.
Writing on Linked In, Preston said he doesn’t want to talk about what happened – yet.
“Quite simply, I’m still processing everything,” he wrote. “When I’m ready there’s a story to tell and they’ll be no hiding place for those I hold responsible.”
Why MuscleFood?
BPO has saved several other businesses from collapse, including Brace’s Bakery (2026) and Roberts Bakery (2025), among others.
While bakery has been a recent focus, the business is probably best known for its stakes in meat and poultry; and several acquisitions have been made over the last decade which has seen BPO strengthen this division further.
Ranjit Boparan, president of BPO, told Food Manufacture that Muscle Food “aligns well” with the company’s existing portfolio as a “protein-forward operation”.
But as Kai-Markus Hock, strategy, M&A and transformation consultant, pointed out, it’s a lucrative market if one can navigate it well.
“Strategically, this is more than a rescue deal,” Hock said. “MuscleFood gives Boparan a direct-to-consumer platform in high-protein and weight-management foods, while the scale and capabilities across its wider food portfolio could materially improve sourcing and operating economics.
“The market opportunity is attractive, particularly as GLP-1 use reinforces demand for protein-dense nutrition - but the immediate test is operational: delivering consistently on fulfilment and product quality, and rebuilding customer trust.”
‘You wouldn’t bet against him’
Boparan has his work cut out to turn this business around though and will be dealing with the fallout of recent customer complaints over incomplete deliveries.
“It appears that a lot of the problems at Muscle were operational,” Mark Lynch, partner at Oghma Partners, told Food Manufacture.
“Boporan’s operational expertise and sourcing know-how is legendary in the industry, so they are well placed to bring the tools and resources needed to fix the operational issues.”
Wilkin Chapman Rollit’s Julian Wild agreed: “He will be confident of building back the brand’s reputation. You would not bet against him.”
Boporan has said going forward, they will be fully evaluating the business, “using the strength of our established supply chain to deliver a great product and service to Muscle Food customers in this new era”.