Heather Mills has saved VBites from administration after purchasing the company’s assets “at great personal cost”, in a deal reported by administrator Interpath Advisory to be worth £1 million.
Mills acquired the 30-year-old plant-based food company in 2009 and has remained a majority shareholder ever since, though German investor NRH acquired 34% of shares in 2021. In December 2023, it was announced that VBites had entered administration, with Mills blaming various factors such as “corporate greed”, Brexit, “galvanised misinformation” from the meat and dairy industries, and “nefarious practices” by utility companies that made energy unaffordable.
Interpath Advisory said VBites’ move to a larger facility in 2021 had compounded the company’s difficulties by increasing operating costs. But in a recent LinkedIn post, Mills said VBites had been “forced unnecessarily” into administration.
“It was agreed between both shareholders that we would always give each other three months’ notice, knowing the figures 6 months ahead set for the company, so I was doubly shocked that it went straight into administration, even though I gave viable solutions,” she said. “I was cut out of everything.”
“Turning over a new leaf”
The administrators received six final offers regarding the purchase of VBites’ assets, with Vegan Solo Consulting — owned by Mills — selected as the preferred bidder. While the rescue deal does not include the company’s workforce, Mills has already rehired many staff members. She will now move back to the North East to personally take control of operations.
The news comes just six months after Mills saved another plant-based company, alt meat manufacturer Plant & Bean, from administration.
“VBites is turning over a new leaf,” said Mills. “We have already developed a version 2.0 of plant-based food, soon to launch, that we believe will be a market mover and will help all of those people attempting to make a flexitarian or plant-based/vegan transition achieve their goals more easily, both with variety and deliciousness. Watch this space.”
