Meatless Farm enters administration after laying off staff

Plant-based meat manufacturer Meatless Farm entered administration yesterday (13 June) after laying off staff amid a slowdown in demand for meat-free offerings.

The vegan company hired restructuring specialists Kroll last month in hopes of finding a buyer for the business.

Kroll announced yesterday afternoon that Geoff Bouchier and Benjamin Wiles have been appointed joint administrators to oversee the financial management of the business.

It follows reports this week that Meatless Farm, which supplied the foodservice industry and restaurants, had made the majority of its staff redundant due to its financial troubles.

Meatless Farm’s sales have grown over recent years, but the business has failed to turn a profit. Its latest results show revenues almost doubled from £7.5m to £12.5m in 2021 but losses increased from £15.4m to £23.5m.

Headquartered in Leeds, the company was founded by Danish entrepreneur Morten Toft-Bech (pictured above) in 2016 as demand for plant-based products began to rise in the UK. The Telegraph reported that most of its 100 employees, which included staff in Amsterdam, New York, and Singapore, have been made redundant.

Meatless Farm manufactured a range of products from plant-based mince, chicken, to steak, and sausages. It also launched products including vegan pasties, and a “chickenless” Christmas roast.

It supplied various foodservice outlets including: the Alchemist, Byron Burger, Leon, Pret A Manger and, Itsu.

Meatless Farm’s financial troubles come as the demand for vegan food is slowing down; last month, sausage producer Heck said it was reducing its range of meat-free options citing lack of customer appetite.