THE WHAT? The UK’s #1 supplier of CBD-based products, Love Hemp has called in the administrators. The wellness brand has been ‘unable to secure a permanent solution for its working capital challenges’.
THE DETAILS Love Hemp’s secured creditors have issued a notice of default requiring the £1.92 million owed plus daily interest being accrued to be repaid immediately.
THE WHY? The business has had to deal with significant legacy issues that has negatively impacted the day-today running of the platform and increased operational challenges, it said in a statement published on its website. A steep drop in revenue in the second quarter of the current financial year hasn’t helped matters, nor have press reports surrounding accusations of fraud made by former MD, Philip Small.