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
Occupancy exceeded: Banff, Alta., home possessed more than 40 beds
Alberta Health Services has issued an enforcement order against a Banff home after an inspection discovered that as many as 42 people were staying inside the property, saying the maximum number of occupants of the facility 'was exceeded.'

Summer of heat waves: A list of some temperature records broken in Canada this year
Canada's summer of heat waves continues this weekend, with warnings issued in four provinces. CTVNews.ca looks at some of the heat records broken already this year in Canada.
Air Canada denying passenger compensation claims for staff shortages, citing safety
Air Canada denied a customer complaint and instructed employees to classify flight cancellations caused by staff shortages as a "safety" problem, which would exclude travellers from compensation under federal regulations. That policy remains in place.
Help on the way for central Newfoundland fire Premier says is largest since 1961
The rapid growth of a long-burning forest fire in central Newfoundland has triggered a state of emergency in the area and the expansion of an outdoor fire ban to the entire province.
Multiple people in hospital, suspect shot after machete attack on Vancouver's Granville Street
Five people, including a suspect, were taken to hospital with serious injuries after a violent incident that drew a massive police presence to downtown Vancouver's main entertainment district Saturday night.
How Biden's new approach has led to legacy-defining wins
Over five decades in Washington, Joe Biden knew that the way to influence was to be in the room where it happens. But in the second year of his presidency, some of Biden's most striking, legacy-defining legislative victories came about by staying out of it.
No Stanley Cup? No problem. Canadiens fan makes near-exact replica using 3D printer
The Montreal Canadiens haven't brought the Stanley Cup home since 1993 -- but a very convincing replica is sitting in a garage in Boisbriand, Que., about 35 km northwest of Montreal.
U.S. sheriff stocking county's schools with AR-15 rifles
When schools in one North Carolina county reopen later this month, new security measures will include stocking AR-15 rifles for school resource officers to use in the event of an active shooter.
Two-year-old child found safe in Regina, Amber Alert ends
A two-year-old child from Regina has been found safe, following an alleged abduction and Amber Alert.