Global risk and financial services provider Kroll announced it had been appointed administrators of Meatless Farm last week, with all members of staff made redundant.
VFC said The Meatless Farm brand will be retained and operate as a separate brand but will be incorporated into its existing operations, with the product range diversifying VFC Foods’ existing plant-based chick*n portfolio.
Redundancies at The Meatless Farm were already in progress before the offer to buy the business was made. However, VFC said the growth of its business would afford to opportunity to create new roles in the future.
David Sparrow, chief executive of VFC Foods, said: “We are delighted 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.”
Despite the collapse of The Meatless Farm – as well as alternative proteins manufacturer Plant & Bean earlier this month – VFC were confident that there was still room for the plant-based meat market to grow.
Plant-based in growth
According to GFI Europe’s Plant-Based Food Retail Market Report, plant-based milk, meat and cheese unit sales growth surpassed those of their animal-based equivalents.
Matthew Glover, Co-Founder of both VFC, Veg Capital and Veganuary, 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.”
Meanwhile, in other acquisition news, food-to-go manufacturer Around Noon has acquired The Soho Sandwich Company to create a £80m per annum turnover business.