Quorn set for jobs bonanza following £550m sale

Owners of the meat substitute firm Quorn Foods have agreed to sell the business to a Philippines-based rival for £550 million.

Later this month the Stokesley-based firm will launch its first vegan range which will be both meat and dairy free.

Veganism has increased in popularity over recent years with a number of well-known celebrities such as singers Jennifer Lopez and Beyonce and actor Brad Pitt adopting the lifestyle.

Famous faces attending the star-studded BAFTA ceremony earlier this year were given the option of a vegan only menu, a sign of how veganism has become a mainstream dietary option.

Quorn, which currently employs 620 people, said all jobs will be safeguarded and its expansion plans mean it expects to create hundreds more over the coming years.

The firm is to be sold to Philippine consumer goods firm Monde Nissin, pre-empting the auction process for the business which only kicked off last month.

The North Yorkshire meat free firm attracted interest from French yoghurt company Danone, Canadian French fries producer McCain and Ireland’s Kerry Group.

Quorn, which reported sales of £150m in 2014, is backed by UK-based investment firms Exponent Private Equity and Intermediate Capital Group.

Quorn, which is made from protein derived from fungus, taps into the consumer trend for healthier food. It can be bought on its own, in ready-meals and in products that replicate burgers, sausages and bacon.

Quorn Foods claims that in the past five years it has cut 60 billion calories from consumers’ diets and it believes it has the potential to become a $1bn business.