Neat Burger, the vegan burger chain backed by Formula 1 driver Lewis Hamilton and Hollywood actor Leonardo DiCaprio, is set to close four of its London restaurants following a report of major profit loss for the company.
Launched back in September 2019, Neat Burger quickly grew to eight restaurants in the capital, with more in Dubai, New York and its latest in Milan. However, just days after the launch of its new Italian location, recent reports show the company is in trouble.
Apparently, the company saw losses expand by around 140% last year, and has therefore made the decision to close half of its London restaurants, with its Oxford Street, Canary Wharf, Westfield Station and Liverpool Street locations rumoured to close by the end of the year.
Neat Burger is a completely plant-based restaurant chain with a mission 'to create sustainable delicious dishes' in the fast-food world. The company rose to fame as the first international collection of vegan restaurants but also as a result of the big name investors who supported it. As well as Hamilton's involvement, Neat Burger is also backed by actor, and renowned climate advocate, Leonardo DiCaprio.
The Oscar winner announced his investment last year, tweeting that it was Neat Burger's ‘pioneering approach to alternative protein’ that led him to come on as an investor as part of a big push to expand the business.
Hamilton announced that he was excited by 'the plans for expansion,' although it seems as if they may be on hold for now.
A spokesperson for the chain has commented on the closure: 'We are concentrating our efforts on our best performing restaurants, refining our menu, and supporting our partnership with Deliveroo which has recently enabled us to double our delivery radius across the city.
'This consolidation is a strategic step in our broader plan for future expansion where our model focuses on smaller stores across multiple cities. We believe that sometimes, taking a step back is necessary to make a bigger leap forward. We remain deeply committed to our mission of providing delicious, sustainable, plant-based dining, and are excited about our future growth prospects.'
In other news, Christmas menus have launched! Here's everything available on the Caffe Nero Christmas menu.