Skip to content
Search
AI Powered
Latest Stories

Quorn’s parent company suffers huge loss

Quorn’s parent company suffers huge loss

Marlow Foods, parent company of Quorn, has reported a £63 million loss amid declining demand for plant-based products.

The sales at Marlow Foods fell by 6.9 per cent to hit £205m, which led to almost 100 jobs being shed as part of a restructuring programme. According to Marlow Foods’ latest accounts, Quorn’s sales across retailers fell by 8.6 per cent in the 12 months to December 2023.


It comes amid a broader slump in the popularity of veganism across the UK, as costly plant-based products fall increasingly out of favour among hard-up shoppers. Dwindling demand was compounded by the impact of high inflation last year, as the company was hit by the cost of energy and ingredients.

Marco Bertacca, the company’s chief executive, said: “Twenty twenty-three was a challenging year where high inflation and interest rates continued to put pressure on consumers and on the cost of producing our great food.

"In this difficult context, the key markets in which we operate were down.

“Continued inflationary pressure on our input costs in 2023 did have a significant impact. We have taken continuous actions to control our costs, but as we always seek to minimise price increases and protect affordability for our consumers, those dynamics resulted in making a loss.”

Launched in 1985, Quorn has emerged as one of the best-known plant-based brands in Britain. Its products use mycoprotein, which is made by fermenting a natural fungus.

Challenges across the plant-based industry have led to some brands, such as Meatless Farm and Heather Mills’ VBites, collapsing into administration. Others, including Heck, significantly scaled back its vegan offering owing to reduced demand.

The news comes couple of months after it was reported that Quorn Foods’ mycoprotein ingredient will soon be available blended with meat across a host of foodservice operators and within the NHS as Quorn’s key ingredient will be blended with meat to make staple products such as burgers and sausages – replacing the 100 per cent meat versions on menus.

The project, which includes some of Quorn’s key partners in healthcare and foodservice, is expected to lead to blended products on menus before the end of the year.

More for you

Volumatic welcomes new FCA rules safeguarding access to cash

Volumatic welcomes new FCA rules safeguarding access to cash

As industry leaders is cash handling, Volumatic has long supported the use of cash and the importance of maintaining access to cash for both consumers and businesses. The company recognises the importance of the new set of rules created by the Financial Conduct Authority (FCA) two months ago, to safeguard access to cash for businesses and consumers across the UK.

Since introduction, the new rules are intended to ensure that individuals and businesses who rely on cash can continue to access it and the outcome has already sparked the creation of 15 new banking hubs across the UK, including one in Scotland, with many more to follow.

Keep ReadingShow less
Jisp unveils new NPD service

Jisp unveils new NPD service

Retail technology company Jisp has launched an NPD service as part of its new Direct to Retailer business unit.

The new NPD service will allow brands to launch or trial new products in a guaranteed number of convenience store locations, with on the ground review of execution by Jisp’s retail growth manager team, and performance data and insights deliverable through its scanning technology and back-office systems.

Keep ReadingShow less
Tesco launches price cuts in Express convenience stores
File image of Tesco Express

Tesco launches price cuts in Express convenience stores

Tesco is slashing the price of more than 222 own-brand and branded products in its Express convenience stores.

Essentials including milk, bread, pasta and coffee are included in the lines which have been reduced in price by an average of more than 10 per cent at Tesco Express stores. The retail giant has made more than 2,800 price cuts across stores in recent months. With 2,048 of convenience stores at the end of the 2023-24 financial year, Tesco aims to benefit hundreds of thousands of customers from the cheaper deals.

Keep ReadingShow less
vape and cigarette
Photo: iStock

One in five ex-smokers in England now vape, study finds


Summary
1. One in five people who have successfully quit smoking in England currently vape, with an estimated 2.2 million individuals using e-cigarettes as a smoking cessation tool.
2. The increase in vaping among ex-smokers is largely driven by the use of e-cigarettes in quit attempts, with a rise in vaping uptake among people who had previously quit smoking for many years before taking up vaping.
3. While vaping may be a less harmful option compared to smoking, there are concerns about the potential long-term implications of vaping on relapse risk and nicotine addiction. Further research is needed to assess the impact of vaping on smoking cessation outcomes.


Keep ReadingShow less
Bira engages with Treasury on Budget fallout, business rate reform
(Photo by Christopher Furlong/Getty Images)
Getty Images

Bira engages with Treasury on Budget fallout, business rate reform

Independent retailers association Bira has held a meeting with members of the Treasury team to discuss concerns following its robust response to the Government’s recent Budget announcement.

The Budget, labelled by Bira as "devastating" for independent retailers, was met with widespread indignation from Bira members.

Keep ReadingShow less