What happened to the Very Good Butchers? Plant-based meat company closing most B.C. operations
What happened to the Very Good Butchers? Plant-based meat company closing most B.C. operations

A British Columbia company that was once at the forefront of the booming plant-based meats industry is shuttering stores and production plants as it struggles to survive.
The Very Good Food Company, which operates core brands The Very Good Butchers and The Very Good Cheese Co., is pulling out of its flagship shop in Victoria and putting the opening of another flagship shop in Vancouver on the chopping block.
The company is also closing three production plants in Victoria, Vancouver and California, while consolidating production in its remaining facility in Vancouver.
First-quarter financial results released last week show the Very Good Food Company lost more than $15 million in cash and cash equivalents between Dec. 31 and March 31, 2022, threatening the sustainability of the company.
"While the company has been successful in the past in obtaining debt and equity financings, there is no assurance that the company will be able to do so going forward," the management said in the quarterly update.
"The existence of these conditions indicates that there are material uncertainties which may cast significant doubt on the company's ability to continue as a going concern," the company noted.
FOUNDERS LEAVE COMPANY
The Very Good Butchers rose from humble beginnings as a "bean butcher" stand at a farmers' market on Denman Island, B.C. The operation eventually moved to Victoria and the founders made a successful appearance on the TV show Dragon's Den.
The company began trading on the Canadian Securities Exchange in June 2020 and raised more than $4 million in an initial public offering, sending its stock price soaring.
But founder Mitchell Scott was ousted as the company's chief executive in April, followed by the resignation of co-founder James Davison from his role as chief research and development officer.
Weeks later, the corporation announced the appointment of a former Nestlé executive as interim CEO starting May 2, and revealed that its president and interim chief financial officer had also resigned.
The company's share price hit record lows on the release of the quarterly results last week. Management says it expects to further reduce its workforce, streamline operations and sell off equipment as it cuts expenses to the bone.
The Very Good Food Company did not respond to CTV News requests for comment on the closures and staff layoffs.
Interim CEO Matthew Hall said in a statement accompanying the quarterly report that the company is also scaling back its online sales as it refocuses on its wholesale and food services business in the United States.
"During the very short period of time that I have been with the company, I have made great strides in identifying the problem areas and have developed a strategy to put the company back on the right track," Hall said in the statement on May 17.
"My strategy focuses on stabilizing, right-sizing, and optimizing the business," he added. "While it will take some time for the financial results to catch up with the progress we are making, I am confident that we will start to see great improvements in future quarters."
CTVNews.ca Top Stories
Anti-Taliban law could be tweaked to get more humanitarian aid to Afghans: minister
A law outlawing any dealings with the Taliban, which charities complain is impeding their ability to help needy Afghans, could be adjusted by the federal government to give more flexibility to aid agencies.

Celebrations, protests take place on Canada Day in Ottawa
Thousands of people wearing red and white and waiving Canadian flags packed downtown Ottawa to celebrate Canada's 155th birthday on Friday, while groups of protesters popped up around Parliament Hill to protest COVID-19 vaccines and federal restrictions.
'It's recent': Survivor reflects on last Sask. residential school closing 25 years ago
It's been 25 years since Saskatchewan's last residential school closed, but some are still healing.
Biden intends to nominate a conservative, anti-abortion lawyer to federal judgeship, Kentucky Democrats say
U.S. President Joe Biden intends to nominate an anti-abortion Republican lawyer to a federal judgeship, two Kentucky Democrats informed of the decision say.
'Summer of recovery': Pandemic-stricken tourism industry sees signs of optimism
Canada Day has kicked off the unofficial start of summer, and the tourism sector is hopeful the first season in three years largely free of COVID-19 restrictions will marshal a much-needed boost for a pandemic-stricken industry.
'You do not want this' virus: California man with monkeypox urges others to get vaccinated
A California man has posted a widely-shared video in an attempt to educate people about the monkeypox virus outbreak, to encourage people to get vaccinated if they're eligible and to make it very clear: 'You do not want this.'
West Vancouver retiree heading back to Ukraine to help abandoned animals
When Dan Fine returned from his first trip volunteering at animal shelters on the Polish-Ukrainian border in late April, he immediately felt compelled to return to continue helping pets that have been left behind in the war.
'We have to build bridges': Canadian singer Chantal Kreviazuk on Ukraine, reconciliation
Moving toward reconciliation doesn't come from jumping 'the queue to perfection,' but by building bridges and trusting one another, Canadian singer-songwriter Chantal Kreviazuk told CTV News Channel during Canada Day celebrations in Ottawa on Friday.
The Canadian flag in the context of 'Freedom Convoy' and residential schools
In the wake of last year’s discoveries of unmarked graves at residential schools and the prominent displays of the Canadian flag during 'Freedom Convoy' protests, some Canadians are re-evaluating the meaning of the national symbol.