Vegetarian Express acquired by Bridges Ventures

Bridges Ventures has invested in Vegetarian Express – a Watford-based specialist supplier of plant-based food ingredients.

Bridges Ventures acquires controlling interest in Vegetarian Express with £5.6M investment

In a major strategic move, Bridges Ventures has invested £5.6 million to acquire a controlling interest in Vegetarian Express (VE), the UK’s leading supplier of specialist plant-based ingredients to the food service industry. This new partnership brings together both financial capital and expertise, aiming to expand VE’s reach and amplify its impact in the rapidly growing plant-based food sector.

Bridges will be working closely with the current leadership team, including David Jonas, who founded VE in 1987, and Will Matier, both of whom will remain active in the business. This investment also marks the appointment of former Premier Foods COO Tim Kelly as Executive Chairman of VE, bringing decades of food industry expertise to the company’s helm.

Based in Watford, Vegetarian Express is a pioneer in the plant-based food industry. It has built a reputation for its extensive range of over 1,000 products, many of which are sourced from around the world. Working closely with chefs across the UK, VE helps create innovative, plant-based menu options for a growing number of health-conscious and environmentally aware consumers. Today, VE’s ingredients are featured in over 2,500 catering locations, serving more than one million diners.

ESG scale-up planned

Bridges’ £5.6 million investment will enable Vegetarian Express to accelerate its growth plans and expand its reach. The focus is on increasing the variety and volume of plant-based ingredients distributed to existing food service clients, as well as opening up new distribution channels throughout the UK.

This partnership comes at a critical time for the plant-based food industry, which is increasingly seen as a key solution to some of the most pressing environmental challenges. Livestock farming is responsible for over 14% of global greenhouse gas (GHG) emissions, according to research by Chatham House. As a result, reducing meat consumption is seen as crucial for meeting global climate targets. Plant-based proteins, which require fewer resources and produce less GHG emissions, are emerging as a more sustainable alternative.

Rising consumer demand for plant-based foods

In addition to its environmental benefits, plant-based foods are becoming increasingly popular for health reasons. Studies have shown that plant-based diets can lower the risk of chronic illnesses such as diabetes, heart disease, and cancer. A recent YouGov survey revealed that 30% of UK consumers are actively reducing or planning to reduce their meat intake, further boosting demand for plant-based alternatives.

Bridges Ventures has long identified sustainable living as one of its core impact investment themes. The firm focuses on opportunities where environmental challenges create commercial demand, aligning growth with positive environmental impact. Vegetarian Express, with its market leadership and commitment to sustainability, fits perfectly within this strategy.

Oliver Wyncoll, a Partner at Bridges, explained the firm’s excitement about the partnership: "We’re delighted to announce this new investment in VE, and we’re excited by the prospect of working with David, Will, Tim, and the team to accelerate the growth of the business. We all believe in the benefits of plant-based products, which are growing in popularity as consumers make more informed health and environmental choices, and VE has the best range available. It’s a great example of a business whose impact will increase in lock-step with its growth."

New leadership, same commitment

Tim Kelly’s appointment as Executive Chairman is seen as a strategic move to guide VE’s next phase of growth. Kelly brings significant experience from his tenure at Premier Foods, where he helped steer the company through a highly competitive market. His expertise in scaling operations will be crucial as VE looks to grow its product range, enter new markets, and expand its customer base.

Tim Kelly said: “VE has built a really strong platform as the go-to supplier of high-quality plant-based food ingredients. Bridges has a proven track record of helping businesses like VE to scale, in a way that amplifies their impact, so they’re a perfect partner for our next phase of growth. I look forward to working with Bridges and the VE team to build the business and give chefs the ingredients to develop great-tasting no-meat and lower-meat dishes, offering consumers a much broader choice.”

David Jonas, the founder of Vegetarian Express, also expressed enthusiasm for the new partnership, highlighting the professionalism and expertise that Bridges brings to the table.

A track record of success

Since its initial identification by Bridges in 2016 as a high-potential business, VE has grown into a market leader, supplying over 1,200 products to more than 3,000 chefs across the UK. Under Bridges' ownership, the company has achieved significant milestones, including doubling its revenue, diversifying its product range, and expanding its geographical reach. VE has also been a driving force in sustainability, helping to reduce approximately 15,000 tonnes of CO2 emissions through its plant-based product offerings, which directly replace meat or dairy items.

Under Managing Director Dave Webster’s leadership, VE became the first UK food service company to achieve B Corp status in 2019. This certification recognises the company's commitment to meeting high standards of social and environmental performance, transparency, and accountability.

With the backing of Bridges, VE has successfully expanded into new sectors, launched an e-commerce platform, and continued to innovate with offerings like its Seedbank tool for chefs.

In 2024, Bridges sold its stake in Vegetarian Express to NVM for £15m.

Emma Thorne, Partner at Bridges, reflected on the firm’s successful investment in VE, stating: “We invested in Vegetarian Express because we believed there was a clear commercial and impact opportunity in helping consumers reduce their meat consumption by switching to plant-based meals. We’re really proud of the growth and impact it has achieved, and wish its outstanding team all the best for the future.”

Client feedback

James was the Deal Leader in the sale of my majority shareholding in Vegetarian Express in 2016.

"He guided us through face-to-face meetings with multiple interested parties, and led the final negotiations with short-listed bidders with great professionalism.

"I owe the optimisation of deal value to his great skill and experience in M&A, and prior understanding and experience in working with SME."

David Jonas, Founder

Vegetarian Express

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