Meatless Farm saved after VFC acquires brand

Vegan food company VFC has acquired Meatless Farm in a deal worth £12m in sales.

The deal saves the Leeds vegan brand from administration after it was reporter earlier this month it laid off most of its 100 staff and hired restructuring specialists Kroll to oversee the financial management of the business.

Under the deal, the Meatless Farm brand will be retained, with the product range diversifying VFC Foods' existing plant-based chickn portfolio. The deal will not, however, see a re-hiring of the staff who were made redundant.

Speaking on the acquisition, which was financed from the company's cash reserves, 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."

Co-Founder Adam Lyons added the acquisition "aligns seamlessly with our growth strategy" and that VFC is "confident" in the consumer demand for plant-based products.

Founded in 2020, VFC was launched mainly in retail but, following a foodservice rollout in March of this year, can also be found in Marston's Community Pubs across the country.