Aspire Food Group Placed Into Receivership Amid $41.5M Debt
Months after announcing major layoffs, Aspire Food Group—a London, Ontario-based insect agriculture firm specializing in cricket protein—has been placed into receivership by an Ontario court.
The Superior Court of Ontario appointed FTI Consulting as receiver of Aspire and its related entities, following a February application by creditor Farm Credit Canada (FCC). FCC claims Aspire owes it nearly $41.5 million under a 2023 amended credit agreement.
Aspire opened its 14,000-square-metre facility in 2022 with the aim of producing up to 13 million kilograms of crickets annually, primarily for the pet food market. The project received approximately $35 million in federal funding from agencies including Sustainable Development Technology Canada and Agriculture and Agri-Food Canada.
In November 2024, Aspire laid off two-thirds of its workforce—100 out of 150 employees—citing the need to retool operations. The company planned to rehire staff by July 2025.
According to FCC, Aspire’s commercial facility in London failed to replicate proprietary cricket-farming methods developed at its R&D site in Austin, Texas. As a result, the company struggled to scale operations and achieve positive cash flow. Production at the plant has repeatedly shut down to allow for further R&D, and the company has not maintained the $1 million minimum cash balance required under its loan terms.
The affidavit filed by FCC also cites roughly $1 million in unpaid property taxes to the City of London and the depletion of government grants as contributing to Aspire’s financial woes. U.S. trade uncertainty and drying funding sources further strained operations.
Despite multiple extensions and attempts to secure emergency funding, Aspire failed to present a viable repayment plan. FCC stated in court filings that the likelihood of recovery under current conditions is “negligible.”
The appointed receiver is expected to oversee an orderly wind-down and eventual sale of Aspire’s assets.
Aspire has not yet responded to requests for comment.
