A company that produced vegan food has ceased operations and laid off its employees after failing to thrive in the competitive meat-free market.
Despite being stocked in major UK supermarkets and producing plant-based meat substitutes, Meatless Farm laid off all 50 of its employees on Friday.
Its plant-based mince, burgers, and chicken breasts sold for more than £11 million at their peak in 2021.
The cost-of-living crisis, however, made it difficult for it to maintain sales.
Kroll, an insolvency firm, is advising the company on its options but, according to its website, is "currently unavailable.".
According to Tim Offer's LinkedIn profile, "Unfortunately, my time at Meatless Farm has come to an end. Unfortunately, the company has laid off every team. " .
Interim company finance executive John Loughrey echoed his remarks, stating that he and other team members were searching for their "next assignment.".
Danish businessman Morten Toft Bech founded the company in 2016, deciding to base it in Leeds rather than London.
Don't be fixated on opening a business in the capital of your nation, he advised to the BBC last year.
"There is a sizable area [in the north of England] with food manufacturers and food businesses.
He added that Leeds University has a top-notch food science lab, which is a good source for hiring.
Cyclist Mark Cavendish MBE was an investor in Meatless Farm, which distributed its goods in the US, China, and a number of European nations.
Its demise follows a sales decline experienced by a number of its plant-based competitors.
Heck, a Yorkshire-based sausage manufacturer, reduced its vegan offerings due to a lack of demand.
Another competitor, Beyond Meat, attributed a similar decline in sales to issues with pricing, product quality, and consumer perceptions of the health benefits of their products.
After less than two years on the market, industry giant Nestle announced in March that its vegan plant-based brand Garden Gourmet would no longer be sold in UK stores.
According to NielsenIQ research, sales of meat-replacement products declined by £37.3 million in the year ending in September 2022, suggesting that supermarket patrons are buying fewer of them overall.
The cost-of-living crisis is having a "big impact" on what people buy in the supermarket aisles, according to The Vegan Society, which previously told the BBC.
