Meatless Farm has made the majority of its workforce redundant and is set to tumble into administration after its desperate search for new investment to save the plant-based brand fell through.
According to The Grocer, a notice of intention to appoint administrators was filed on Friday.
Meatless Farm has posted almost £50m in operating losses in the past three years.
Sales have also been steadily dropping, falling to £11.2m in 2022 from £12.5m in 2021.
The bankruptcy follows weakening demand in the plant-based category, which is struggling to maintain growth as cost pressures are continuing to rise.
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All staff at the Leeds-headquartered group were let go last week and the firm’s management team took to LinkedIn over the weekend to advertise their availability for new opportunities.
“Sadly my time at Meatless Farm has come to an end,” commercial director Tim Offer
“After a fantastic 10 months leading a talented and highly engaged sales team, the business has unfortunately made all the teams redundant.
“I learnt a huge amount in a short space of time and have absolutely loved the people and the brand.”
Interim finance executive John Loughrey added: “Sadly things have not worked out for Meatless Farm so I am now looking for my next assignment, as will numerous other colleagues.
“I have had a great time in a fantastic company, and have had the honour and pleasure of working with some amazing people.
“It is a shame the company has not made it through this difficult period and I wish all my former colleagues the best of luck for the future.”