UK-based vegan meat company Meatless Farm has faced significant challenges in recent weeks. After a major investor withdrew from a commitment to invest, the company hired insolvency firm Kroll. Redundancies followed, with former staff reporting on social media that all teams had been made redundant. Kroll then appointed administrators for the plant-based brand, exploring various options for the business. However, there is now hope for Meatless Farm as vegan food company VFC Foods has announced its acquisition of the business and retention of the brand.
The acquisition price has not been disclosed, but accounts filed with Companies House suggest that Meatless Farm has been operating at a loss in recent years. According to financial results for the year ending on December 31, 2021, the business reported an operating loss of £22.9m (€26.72m). VFC Foods, also based in Yorkshire, UK, like Meatless Farm, states that the acquired business has an annual turnover of £12m.
Founded in 2020 by Matthew Glover and Adam Lyons, VFC Foods specializes in vegan chicken alternatives made from soy and wheat protein. The acquisition of Meatless Farm presents an opportunity for VFC Foods to diversify its current portfolio. It is considered a significant milestone in VFC’s growth strategy and its mission to offer a wider range of vegan products in retail and foodservice. David Sparrow, CEO of VFC Foods, expressed excitement about the strategic acquisition and the alignment of Meatless Farm’s consumer awareness with the company’s core values. He emphasized that the integration of both brands would create synergies with valued customers and suppliers, expanding customer choice.
In the immediate term, VFC is focused on restoring Meatless Farm’s supply chain. Matthew Glover stated that their top priority is to reintroduce the popular products to the market, which have been out of stock for several months.
Looking ahead, VFC plans to turnaround the business by leveraging synergies. The integration of Meatless Farm into its current structure positions VFC Foods to sustainably grow the brand. The company aims to utilize numerous synergies with valued customers and suppliers to drive innovation and extend customer choice.
Unfortunately, the acquisition does not reverse the redundancies that had already been set in motion before VFC made an offer. Matthew Glover pointed out that as VFC absorbs the Meatless Farm business within its current structure, opportunities are likely to arise. However, in the current situation, the acquisition has resulted in the unfortunate need for redundancy for former Meatless Farm employees.
Overall, with the acquisition by VFC Foods, there is renewed hope and opportunity for the future of Meatless Farm. The companies are working together to revive the business and provide customers with the beloved Meatless Farm products.