VBites: Heather Mills Rescues Her Alt-Meat Brand a Month After Entering Administration

British entrepreneur Heather Mills has rescued her alt-meat brand VBites a month after it entered administration. She secured a deal to buy the assets of the business for £1M and waived nearly £5M of debt, ensuring a better return for creditors. This move comes after the company collapsed with debts totaling £8.37M, owed to various creditors, and with 84 employees owed over £415,000. Mills has re-employed 40 staff members and hopes to continue rebuilding the company's workforce.

VBites, founded in 1993, aims to play a significant role in transitioning the food market to a healthier and more sustainable place. Heather Mills has taken personal responsibility for resurrecting the company, moving back to the northeast to ensure a positive contribution to the global food economy. With plans to launch a new version of plant-based food, VBites is turning over a new leaf and hoping to be a market mover in the plant-based sector.