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Tag: wrap

  • Great Wrap Collapses Under Debt: Unfortunate End For Sustainable Plastics Innovator

    Great Wrap Collapses Under Debt: Unfortunate End For Sustainable Plastics Innovator

    Great Wrap, an emerging leader in the alternative plastics industry, has unfortunately been forced to cease operations due to mounting debts. The company has reportedly accumulated about $39 million in debts, culminating in an unexpected end almost six years after its inception.

    Company Shutdown

    The Australian Securities and Investments Commission (ASIC) has confirmed that administrators were named to handle the insolvency proceedings on September 17. The shutdown has led to a complete halt in the company’s operations and the dismissal of all employees.

    Jordy Kay, co-founder and CEO of Great Wrap, verified the company’s closure in a professional networking platform post. He acknowledged the end of the company’s journey and expressed his gratitude to all supporters. Kay affirmed his commitment to work with the administrators to liquidate all company assets and repay the creditors in full.

    Innovation and Challenges

    Great Wrap, which Jordy and Julia Kay established in 2020, enjoyed recognition for its compostable cling film and pallet wrap manufactured from potato waste and other organic materials. The business had positioned itself as a sustainable substitute to petrochemical-based plastics. Their target customers were retailers and fast-moving consumer goods (FMCG) companies as well as logistics providers aiming to decrease plastic waste.

    Regrettably, changing market situations and a decrease in demand for compostable packaging were key factors in the company’s downfall. Kay explained that retailers and FMCG companies had started to transition from using compostable alternatives to establishing their own plastic recycling operations. This shift led to a slow-down in their business and a weakening demand for their products.

    While the company had plans to expand into the US market, the persistent struggle to make the Australian plant profitable left them without adequate time or capital to continue. The inability to turn a profit from the Australian plant, combined with a depletion of time and capital for US expansion, ultimately led to the company’s collapse.

    Despite the unfortunate development, Kay remains hopeful that their journey would inspire others to continue exploring opportunities in the challenging domain of alternative plastics.

    Questions & Answers

    Why did Great Wrap cease operations?
    Great Wrap was forced to shut down due to financial struggles, including a reported $39 million in debt.

    Who were the primary customers of Great Wrap?
    Great Wrap’s primary customers were retailers, FMCG companies, and logistics service providers looking to reduce plastic waste.

    What led to the reduction in demand for Great Wrap’s products?
    A shift in strategy from retailers and FMCG companies led to a decline in demand. These companies transitioned from using compostable alternatives to setting up their own plastic recycling operations.

  • Japanese eatery Botejyu opens in Manila

    Japanese eatery Botejyu opens in Manila

    Japanese eatery Botejyu, a restaurant chain specialising in okosoba and okonomiyaki dishes, has opened a flagship at One Bonifacio High Street in Taguig City.

    The new branch is the largest of 12 Botejyu locations in the Philippines, with more outlets expected to open later this year. All branches feature an open kitchen and a private meeting room at the back of the venue.

    The brand is the second concept imported by Viva International Food & Restaurants.

    “Most Japanese restaurants only specialise in one item like ramen, or just tempura,” said Viva International senior VP Vicente Raphael “VR” del Rosario IV. “But for Botejyu, though we specialise in okosoba and okonomiyaki, the main selling point is that technically, we carry the best of each place in Japan.”

    Botejyu is a legacy brand in Japan, credited as the first to use mayonnaise as a dressing on okonomiyaki pancakes, as well as inventing the okosoba by wrapping traditional stir-fried noodles in the okonomiyaki batter.