Vertical Future Collapses, Leaving £8m Debt and Job Losses
Vertical Future, a UK-based vertical farming company, has collapsed after failing to secure a buyer despite putting itself up for sale in July. The company's assets and intellectual property were sold for £670,000, but this was not enough to prevent its demise, which has resulted in job losses and creditors being owed nearly £8m.
Vertical Future's financial struggles were evident in its 2024 accounts, which showed losses surpassing £10m after turnover plummeted to £692,000. The company had attempted to raise funds in 2023, aiming for £60m but only managing to secure £9.9m. This shortfall, combined with profitability challenges faced by vertical farming companies, contributed to Vertical Future's collapse.
Tahir Mohsan, a British entrepreneur known for founding the printing company Sigma, was involved with Vertical Future. He acquired its assets and intellectual property but was unable to turn the company's fortunes around. The company entered administration in August, leading to job losses and leaving creditors with significant debts.
Vertical Future's collapse is another blow to the UK's vertical farming industry, which has seen several companies struggle with profitability. The sale of the company's assets for £670,000 was not enough to prevent its demise, leaving creditors with nearly £8m in debts and uncertainty about the future of the company's employees.
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