In the “food and beverage industry trends,” UK plant-based cheese supplier Honestly Tasty is seeking to expand its reach in the “food and drink business” after surpassing its fundraising target. Founded in 2018 by CEO Mike Moore, the London-based company is in discussions with potential wholesalers, including Suma, CLF, Harvey & Brockless, and Curd & Cure, to bolster its retail and foodservice presence.
With a successful fundraising round that raised £304,000 ($380,800), exceeding the £250,000 target, Honestly Tasty is capitalizing on its sales growth. The company’s products are already retailed in around 1,000 stores, including well-known chains such as Holland & Barrett and Marks and Spencer. Additionally, the company is looking to expand its foodservice clientele beyond its existing customer, Honest Burger.
Leveraging the funds raised, Honestly Tasty is focused on strengthening its operations in the UK. Although Moore is in discussions with potential customers in the Netherlands and Germany, he emphasizes the domestic growth opportunities. “I think the best opportunities are still in the UK market for us to grow,” Moore said. He also highlighted the potential to fill gaps in the offerings of major supermarket chains such as Sainsbury’s, Tesco, and Morrisons.
While exploring international expansion, Moore noted the impact of Brexit on overseas trade. The company has set its sights on enhancing product shelf-life and developing a plant-based mozzarella. Recognizing the importance of competitive pricing, Moore aims to make the company’s products more accessible by lowering prices. This strategic approach has already propelled sales, outlining the company’s larger ambition in the “food and drink consumer trends.”
In light of the company’s sales projections and expansion plans, Honestly Tasty remains committed to solidifying its presence in the UK before pursuing further international growth. Despite the challenges posed by Brexit, the company’s focus on innovation and market expansion underscores its commitment to meeting the evolving demands of the food and drink industry.
