Vegan meat company Meatless Farm, based in the UK, has recently experienced a series of significant events. Initially, the company faced a setback when a major investor withdrew from a promised investment. Subsequently, insolvency firm Kroll was hired by Meatless Farm, and the process of redundancies started, leaving former employees to express their disappointment on social media.
Kroll, having been appointed as administrators for the plant-based brand, shared that they are actively exploring options for the business’s future. However, there is now a positive turn of events for Meatless Farm. VFC Foods, a vegan food company also based in Yorkshire, UK, announced its acquisition of Meatless Farm and the retention of its brand.
Although the acquisition price has not been disclosed, financial records from Companies House indicate that Meatless Farm has experienced operating losses in recent years totaling £22.9m (€26.72m) for the year ending on December 31, 2021. VFC Foods, known for its vegan chicken alternatives made from soy and wheat protein, sees this acquisition as an opportunity to diversify its existing portfolio.
David Sparrow, CEO of VFC Foods, emphasized the strategic value of the acquisition and its alignment with the company’s growth strategy. He acknowledged the challenges faced by Meatless Farm and the impact on its employees. Sparrow expressed his delight at integrating both brands and the potential for synergies with customers and suppliers to expand customer choice.
In the short-term, VFC Foods is focused on restoring Meatless Farm’s supply chain and bringing the beloved products back to the market. Matthew Glover, co-founder of VFC Foods, highlighted the ongoing efforts with customers and suppliers to achieve this objective.
Looking ahead, VFC Foods intends to sustainably grow the Meatless Farm brand by leveraging synergies within its existing structure. Although the acquisition does not reverse the employees’ redundancies, Glover pointed out that as VFC Foods expands, there will be opportunities created within the absorbed Meatless Farm business.
In a business tone, it is regrettable that the current circumstances have resulted in redundancies. However, VFC Foods remains committed to the growth of the brand and driving innovation, which will ultimately benefit both customers and suppliers.