Vegan fried chicken firm VFC Foods has acquired Meatless Farm, a little over a week after the brand made its workforce redundant and entered into administration.

The acquisition – worth £12 million –was financed from VFC’s cash reserves and will see Meatless Farm’s product range join the company’s existing plant-based chicken portfolio.

Last week, Meatless Farm confirmed in a statement to The Plant Base that Geoff Bouchier and Jimmy Saunders, both from financial and risk advisory firm Kroll, were appointed as joint administrators of Meatless Farm on 13 June.

David Sparrow, CEO 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”.

He added: “Meatless Farm has built strong consumer awareness, which aligns with our core values, and their exciting product portfolio enhances our existing range. By integrating both brands, we can utilise numerous synergies with valued customers and suppliers, thus driving innovation and extending customer choice.”

Meatless Farms’ co-founder Adam Lyons added that the acquisition is a “testament to the hard work of the Meatless Farm team” which aligns “seamlessly” with VFC’s growth strategy and its optimism in the “underlying consumer demand for plant-based products”.

In a statement on social media, Meatless Farm said: “VFC is well-positioned to continue to build our strong consumer awareness, diverse product portfolio in retail and foodservice, and is aligned with our mission to remove animals from the food chain. We’re so excited for this new chapter of Meatless Farm and to continue working towards a healthier, kinder and more sustainable future.”

Further details of the acquisition were not disclosed.

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