TSX-listed foodtech business makes products available in UK via in-house ecommerce platform and local distribution partnership
The Very Good Food Company (TVGFC) will launch its products in the UK in August via a newly launched local ecommerce site.
The Toronto Stock exchange-listed foodtech business has secured a deal with 3PM logistics provider Peter Green Chilled to distribute its products across the UK and eventually Europe.
“Building on our strong ecommerce channel in North America, we are entering into new markets with direct to consumer sales to build brand awareness; opening the door for expansion into retail and food service in the UK and Europe,” TVGFC CEO Mitchell Scott said.
“The partnership with Peter Greene is a logical fit given their extensive experience and local expertise serving these markets and supports our global expansion efforts,” Scott added.
The company’s Butcher Box offering will include its Very Good Pepperoni, The Very British Banger, The Very Good Burger and the Taco Stuff’er.
TVGFC secured $20.7 million in funding from Canaccord Genuity in July when the wealth manager increased its previously agreed upon bought deal offering.
The capital was re-invested in the company’s new production facility in Patterson, California.
It is also seeking bolt-on acquisitions to diversify and complement its product offering.
TVGFC expanded its retail distribution in Canada in June after signing a deal with national supermarket Save-On-Foods to launch its products in 184 stores.
It’s Q1 2021 revenue grew 677% on the previous year to $2.64 million, although it recorded adjusted EBITDA losses of $5.4 million.
Date published: 14 July 2021