Vertical Future Collapses After Failing to Secure Buyer, 60 Jobs Lost
Vertical Future, a UK-based vertical farming company, has collapsed after failing to secure a buyer for its assets, resulting in the loss of several dozen jobs. The company, which had sought to raise £60m in a funding round last year for its future expansion, only managed to secure £9.9m.
The collapse follows a series of struggles for vertical farming companies to turn a profit. Vertical Future's losses in 2024 alone surpassed £10m, with turnover plummeting from £6.7m to a mere £692,000. At the time of its collapse, the company owed creditors nearly £8m. Despite putting itself up for sale in July, no buyer was found for its assets, leading to the company entering administration in August.
In a surprising turn of events, the assets and intellectual property of Vertical Future were bought for £670,000 by a group owned by British tech entrepreneur Tahir Mohsan. Known for his acquisitions in the cannabis biotechnology sector, Mohsan's interest in vertical farming remains unclear.
The collapse of Vertical Future highlights the ongoing challenges faced by vertical farming companies in achieving profitability. Despite initial investment and ambitious plans, the company was unable to overcome its financial struggles. The future of the acquired assets and intellectual property under Mohsan's ownership remains to be seen.
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