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
The company opened its first official store in the Victoria Public Market in 2017 after leaving Denman Island, B.C. (CTV News)
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
Some emergency rooms across Canada shutting down amid staff shortages
Hospitals overwhelmed by the pandemic’s onslaught are still facing a number of challenges, causing unprecedented wait times in emergency rooms across the country.
'Defeated and discouraged': Airport frustrations sour Canadians' summer travel plans
CTVNews.ca asked Canadians to share their travel horror stories as cancelled flights, delays and lost luggage throw a wrench in Canadians' summer travel plans, due in part to staffing shortages at Canadian airports. Some report sleeping at airports and others say it took days to get to or from a destination.
Gunmen killed in Saanich bank shootout identified as twin brothers
Twin brothers in their early 20s were responsible for the shooting that injured numerous police officers at a bank in Saanich, B.C., earlier this week, RCMP alleged Saturday.
TD 'significantly' downgrades home sale, price forecasts
A new report from TD says Canadian home sales could fall by nearly one-quarter on average this year and remain low into 2023.
Dwindling salmon stocks mean endangered B.C. orcas are going hungry, researchers say
Researchers in British Columbia say the province's endangered southern resident orcas have not been getting enough food for years, with some of the worst bouts of hunger occurring since 2018.
Calgary's new 'Museum of Failures' aims to spark creativity
It's been said no one's success is complete without failure, but a new international exhibit in Calgary is proving that even some of the most talented innovators had some of the worst ideas for consumers.
Importing dogs from more than 100 countries to be banned in Canada
Animal rescue groups are criticizing a new policy by the Canadian Food Inspection Agency that will ban the import of dogs from more than 100 countries.
Gas prices see long weekend drop in parts of Canada, but analysts say relief not likely to last
The Canada Day long weekend saw gas prices plummet in parts of the country, but the relief at the pumps may not stay for very long, analysts say. The decreases come after crude oil prices slid in June following the U.S. Federal Reserve's interest rate hikes, sparking fears of a recession.
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.
Vancouver
-
BC Housing 'looking into' whether residential cooling systems disabled
The provincial housing agency is keeping tight-lipped in the wake of troubling questions around whether some of the most vulnerable people in British Columbia are unauthorized to use cooling systems already installed in their homes.
-
Ban on dogs coming into Canada due to rabies concerns sparks debate
Some animal rescue groups fear countless dogs will die of starvation or be killed if they are not allowed entry into Canada as a result of a recently announced policy.
-
Saanich, B.C., gunman's Instagram account featured rifles, anti-government hashtags
An Instagram account belonging to one of the two gunmen killed in a shootout at a bank in Saanich, B.C., this week paints a picture of a young man who believed gun ownership was a necessary response to government "tyranny."
Edmonton
-
Albertans could receive inflation support, Kenney reveals on his radio show
Alberta Premier Jason Kenney has indicated his United Conservative government will reveal details next week about additional support to help people deal with high inflation.
-
Missing Edmonton teen found safe in Oregon, U.S. man facing charges
A 13-year-old girl from Edmonton who had been missing for more than a week was safely located in Oregon, where a man, 41, is in police custody and facing charges.
-
Police identify Saanich, B.C., gunmen as 22-year-old twin brothers
Mounties on Vancouver Island have publicly identified the two gunmen killed during a shootout with police at a bank in Saanich on Tuesday as 22-year-old twin brothers Mathew and Isaac Auchterlonie.
Toronto
-
This man arrived from Calgary 16 days ago. He is still looking for his bags at Toronto Pearson airport
As unclaimed luggage continue to pile up at Pearson International Airport, one local resident has been looking for his bags for 16 days after arriving in Toronto.
-
Doctor prepared to take legal action if Ontario doesn't expand COVID-19 booster eligibility
Ontario is not yet allowing most adults under the age of 60 to get a fourth COVID-19 vaccine shot, prompting one doctor to prepare legal action to get the province to widen eligibility.
-
26-year-old pedestrian struck and killed by alleged drunk driver in downtown Toronto identified
The pedestrian who was struck and killed by an alleged drunk driver in downtown Toronto on Canada Day has been identified by his family, remembering him as someone with a great sense of humour and a “huge heart.”
Calgary
-
Man in custody after firefighter dragged on fleeing vehicle
Calgary police have a man in custody after a Calgary Fire member was hurt by a stolen vehicle Saturday afternoon.
-
Albertans could receive inflation support, Kenney reveals on his radio show
Alberta Premier Jason Kenney has indicated his United Conservative government will reveal details next week about additional support to help people deal with high inflation.
-
Man hospitalized after fall down Elbow River embankment
A man is recovering in hospital after falling down a steep embankment in the city's southwest Saturday afternoon.
Montreal
-
Housing advocates count 600 Quebec households without a home after July 1
The number of Quebec households without a roof over their heads after July 1 moving day is currently 600. That number "could continue to rise in the coming days," warned Véronique Laflamme, spokesperson for the Quebec housing advocacy group - FRAPRU, at a news conference in Montreal on Saturday.
-
Faced with rising COVID-19 hospitalizations, Quebec doctor calls for health system improvements
With COVID-19 numbers once again on the rise in Quebec, some doctors fear a serious crunch could be right around the corner.
-
Struggle to find pet-friendly apartments leads to more surrenders at SPCA
The hunt for affordable housing is becoming increasingly challenging in Montreal, and advocates say this is especially true for pet owners.
Atlantic
-
N.B. woman facing impaired driving charge after SUV collides with RCMP vehicle
A 50-year-old New Brunswick woman is facing an impaired driving charge following a head-on collision with a fully marked RCMP vehicle in the village of Tracadie.
-
N.S. man charged after allegedly ramming RCMP vehicle, fleeing the scene: police
A 32-year-old man has been arrested after he allegedly drove into an RCMP vehicle before fleeing from police.
-
Staffing shortages, hospital closures to blame for long wait times at Maritime emergency departments
Longer than usual wait times are being felt at emergency departments across the Maritimes this long weekend.
Winnipeg
-
Shamattawa man recovering after officer-involved shooting
A man from Shamattawa First Nation is being treated for serious injuries after an RCMP officer-involved shooting Saturday afternoon.
-
'I'm really angry': Staff shortages temporarily closing some rural Manitoba emergency rooms
Longstanding staff shortages in rural emergency rooms are continuing to create problems, with some being forced to close or cut their hours.
-
Man stabbed, other sprayed with bear mace at The Forks
Winnipeg police confirmed that one man was stabbed and another was sprayed with bear mace during an incident at The Forks on Friday night.
Kitchener
-
'Suddenly just explosions': Man arrested for setting off fireworks on Waterloo road
A man is facing charges after he set off fireworks early Saturday morning in Waterloo. "He was holding the fireworks in his hand and then projecting them at businesses and pedestrians," said police.
-
Demolition Derby draws a big crowd in Burford
Hundreds of drivers are hoping to crash their way to the top prize at the Billy Bash Demolition Derby in Burford this weekend.
-
Tre Ford, former UW football star, makes first career CFL start with the Edmonton Elks
Tre Ford, the former University of Waterloo football star, made history at the Edmonton Elks game on Friday night.
Regina
-
Performance at Regina Farmers' Market highlights human animal relationships
The Regina Farmers’ Market at Victoria Square had an atmosphere like no other Saturday morning with folk music blaring from the main stage.
-
Police identify Saanich, B.C., gunmen as 22-year-old twin brothers
Mounties on Vancouver Island have publicly identified the two gunmen killed during a shootout with police at a bank in Saanich on Tuesday as 22-year-old twin brothers Mathew and Isaac Auchterlonie.
-
Performers excited to be back at Saskatchewan Jazz Festival
After two years without a full-scale event, the Saskatchewan Jazz Festival is officially underway and artists are looking forward to performing live again.
Barrie
-
Emergency service calls up 25 per cent in Muskoka
Paramedics anticipate a 25 per cent increase in calls after a noticeable spike over the last few months.
-
Nine people rescued from the water in Georgian Bay within two days: OPP
Provincial police say they rescued nine people from the waters of Georgian Bay within two days.
-
Oro-Medonte residents hold a yard sale to support legal battle against short-term rentals
A group of Oro-Medonte residents held a fundraiser on Saturday to raise money for the ongoing battle against short-term rentals in the area.
Saskatoon
-
Performers excited to be back at Saskatchewan Jazz Festival
After two years without a full-scale event, the Saskatchewan Jazz Festival is officially underway and artists are looking forward to performing live again.
-
Performance at Regina Farmers' Market highlights human animal relationships
The Regina Farmers’ Market at Victoria Square had an atmosphere like no other Saturday morning with folk music blaring from the main stage.
-
Don’t let summer fun leave you in debt, financial expert says
As Canadians are feeling the urge to spend on summer fun, one financial advisor recommends being realistic and cautious this year.
Northern Ontario
-
Explore nature to learn about the Seven Grandfather Teachings
A unique scavenger hunt in Sudbury aims to get people out exploring nature and enjoying the outdoors. The event includes an educational element about Indigenous traditions and teachings, in particular the Seven Grandfather Teachings.
-
Disabled athlete attempting to cross Lake Superior
A Toronto man is getting set to become the first disabled athlete to cross Lake Superior on a paddleboard. Mike Shoreman, who made a stop in Sault Ste. Marie Friday, has already crossed Lake Erie, and most recently crossed Lake Huron. He is raising money for youth mental wellness.
-
Hwy.11 reopened after a tractor trailer collision near Calstock
All lanes of Highway 11 at Micro Tower Rd in the Pagwa area near Calstock, between Kapuskasing and Longlac, have reopened follwing a tractor trailer collision.