Meatless Farm: Leeds-based vegan food producer saved from administration by fellow Yorkshire brand VFC

Vegan food company VFC has now acquired Meatless Farm in a deal worth £12m in sales, rescuing the fellow plant-based brand from administration.

Jobs lost through Meatless Farm entering administration will, however, not be saved through the acquisition. VFC noted that redundancies were already in progress before it made an offer for the firm. The Meatless Farm brand will be retained.

Speaking on the acquisition, which was financed from the company’s cash reserves, David Sparrow, CEO of VFC Foods, said: “We are delighted to announce this strategic acquisition, whilst being extremely mindful of the business’s 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.”

Meatless Farm had previously struggled to return to profit for a number of years, making a loss of £23.5m in 2021, an increase from a loss of £15.4m the year prior.

Advisory firm Kroll was brought in at the end of May to explore options for the firm, before joint administrators Geoff Bouchier and Benjamin Wiles of Kroll were appointed on June 13.

VFC now has a team deployed to absorb Meatless Farm within its current business structure, and predicts that job opportunities will be created as it grows.

The future of Meatless Farm’s Leeds facility remains uncertain.

VFC 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.

The acquisition comes after a number of firms recently reduced their ranges of plant-based meat alternatives following declining sales.