VFC Foods, a plant-based meat company, is set to acquire Meatless Farm, with an official announcement expected today (20 June), according to a spokesperson for VFC Foods.
VFC Foods, co-owned by Matthew Glover, founder of Veganuary, and business partner Adam Lyons, is known for its vegan fried chicken (VFC). Matthew Glover, also a managing director at private-equity firm Veg Capital, established the company in 2020 in North Yorkshire, England.
Last week, financial advisors Geoff Bouchier and Benjamin Wiles from Kroll confirmed they were appointed administrators of Meatless Farm in May. They have been exploring all options for the business and its assets.
Meatless Farm, founded by Morten Toft Bech in Leeds in 2016, reported a net loss of £23.5m ($29.5m) for the year ending 31 December 2021, compared to a £15.4m loss in the previous year, as shown in the latest accounts filed with Companies House in London. Turnover was £12.5m with an operating loss of £22.9m. The company listed total assets of £29.2m with liabilities amounting to £8.9m.
Meanwhile, in April, VFC Foods announced plans for expansion in the UK and internationally after receiving additional investment from Veg Capital. The company already operates in the Netherlands and the US, with further expansion planned for the Nordics, Belgium, Spain, France, Germany, and Australia.
Before the confirmation of the administration process by Kroll, several employees of Meatless Farm had expressed on LinkedIn that they were made redundant.
Meatless Farm had been supplying major UK retailers such as Tesco, Sainsbury, Asda, and Morrisons. Additionally, the company marketed its meat-free products in various European countries and had offices in Amsterdam, New York, and Singapore.
Private-equity fund Stray Dog Capital and Swiss investment company Beyond Impact had previously provided backing to Meatless Farm. In 2019, the business secured a “seven-figure” investment from TV broadcaster Channel 4 through its Commercial Growth Fund. The terms of the stake were not disclosed.
In September 2020, the plant-based business raised $31m, adding to a previous funding round of $17m. In 2020, the company expressed the need for additional funding, equivalent to $70m at the time, as reported by Danish publication Borsen quoting Morten Toft Bech.
