Just over a month after Plant & Bean, a UK-based meat-free product manufacturer, filed for administration, the company has been acquired by Vegan Solo Consulting Limited and Duo Renovations. The administrators, James Clark and Howard Smith from Interpath Advisory, announced that they have successfully sold Plant & Bean’s manufacturing site and associated equipment to vegan activist Heather Mills’ companies.
Plant & Bean faced significant inflation in its cost bases, especially in food and energy prices, which led to interruptions in production. Clark noted that the food and drink sector, particularly in competitive sub-sectors like alternative protein, is under immense pressure due to rising costs impacting profitability.
The sale of Plant & Bean’s manufacturing site marks an opportunity for Mills to expand her existing business portfolio, which includes meat-free business Vegan Solo. The factory, located in Boston, Lincolnshire, is Europe’s largest plant-based meat production facility and will undergo renovations to enhance its production capabilities. Mills expressed her commitment to maintaining the factory as a plant-based facility.
This recent acquisition follows the administration takeover of vegan meat company Meatless Farm by Vegan Fried Chick*n Foods, indicating a trend of changing ownership within the plant-based food industry.
However, Julian Mellentin, director of consultancy New Nutrition Business, believes that the meat substitute market may experience further challenges. He predicts that many meat substitute brands will struggle to meet consumer expectations, particularly in terms of taste and texture. Mellentin also observes that deep discounting has become commonplace in the category, despite being targeted at ideal customer demographics. According to him, the meat substitute business requires significant product improvement to be considered truly “healthy.”
In conclusion, the acquisition of Plant & Bean by Vegan Solo Consulting Limited and Duo Renovations signals both a change in ownership and an opportunity for expansion. However, challenges remain for the meat substitute market, as brands must strive to meet consumer expectations and address issues related to taste, texture, and pricing.
