Vegan food brand acquired out of administration
Vegan food company VFC has today acquired Meatless Farm in a deal worth £12m in sales – rescuing the fellow Yorkshire plant-based brand from administration.
The Meatless Farm brand will be retained, with the product range diversifying VFC Foods’ existing plant-based chick*n portfolio.
The acquisition of Leeds-based Meatless Farm is a milestone in VFC’s growth strategy and its mission to provide more vegan products across retail and foodservice, with the aim to remove animals from the food chain.
VFS says the acquisition was financed from its own cash reserves, David Sparrow, CEO, said: “We are happy to announce this strategic acquisition, whilst being extremely mindful of the business’ challenges and the impact on the people involved.
“Meatless Farm has built strong consumer awareness, which aligns with our core values, and their exciting product portfolio enhances our existing range.
“By integrating both brands, we can utilise numerous synergies with valued customers and suppliers, thus driving innovation and extending customer choice.”
Co-founder, Adam Lyons, added: “Acquiring this remarkable brand is a testament to the hard work of the Meatless Farm team, who have done an exceptional job in developing and establishing quality products.
“Meatless Farm aligns seamlessly with our growth strategy, and we are confident in the underlying consumer demand for plant-based products.”
VFC is backed by Veg Capital, a specialist fund which donates all profits to animal charities, raising £7.5m in a seed round in January 2022.
The company was founded in December 2020 by Matthew Glover and Adam Lyons. Glover is the co-founder of Veganuary and managing director of Veg Capital, while Lyons is a chef and restaurateur.
Glover stated: “VFC Foods is well positioned to sustainably grow the Meatless Farm brand once the cost-of-living crisis eases, and the plant-based space has experienced further consolidation.
“Reducing our meat consumption is crucial for a healthier, more sustainable future and, at VFC Foods, we will continue developing vegan alternatives which taste so good, they render the need to kill animals obsolete.”
