The ambitious venture into the food industry by a renowned Formula 1 driver has come to an abrupt end as his plant-based burger restaurant chain has officially shut its doors, leaving approximately 150 employees without jobs. This marks a significant setback for the racing star who recently made headlines by joining a prestigious Italian racing team.
The chain, which specialized in plant-based alternatives to traditional fast food, has struggled financially despite backing from both the racing champion and a well-known Hollywood actor. Financial reports indicate the company was hemorrhaging as much as $10.8 million annually, making its continuation unsustainable in today’s competitive restaurant market.
The rise and fall of a plant-based dream
Founded just six years ago, the restaurant chain aimed to revolutionize fast food by offering sustainable plant-based alternatives that mimicked the taste and texture of traditional burgers. What began as an ambitious project quickly expanded to multiple locations across major cities including New York and several UK locations.
Despite initial buzz around the concept, the restaurants never gained the traction needed to become profitable. Management attempted various restructuring efforts, including closing underperforming locations, but these measures proved insufficient to save the struggling business.
Today’s announcement confirms the closure of all remaining UK establishments, following the earlier shuttering of locations in New York and Milan. This pattern of closures signals the end of what was once heralded as a pioneering concept in sustainable dining.
What went wrong with the plant-based venture?
Industry analysts point to several factors behind the chain’s downfall. The plant-based food market has become increasingly crowded in recent years, with major fast-food players introducing their own meat alternatives. This left specialty chains fighting for a share of an already niche market.
The timing also proved challenging. The restaurant industry as a whole has faced unprecedented pressures since 2020, with rising food costs, labor shortages, and changing consumer habits. Even established chains have struggled to adapt to these new realities. (I’ve personally noticed how many specialty food concepts that launched with great fanfare seem to disappear almost as quickly these days.)
Another factor may have been the premium pricing strategy which positioned the plant-based offerings at a higher price point than traditional fast food. While this aligned with the sustainable, ethical brand positioning, it likely limited the customer base during economically uncertain times. Have you noticed how much more you’re paying for dining out lately? The average American consumer has become increasingly price-sensitive.
Impact on employees and the market
While the financial hit of $16-22 million in losses might not severely impact the wealthy celebrity founders, the same cannot be said for the approximately 150 employees now facing unemployment. These workers, ranging from kitchen staff to management, must now seek new opportunities in a challenging job market.
The collapse also raises questions about the viability of celebrity-backed restaurant ventures and the future of specialized plant-based dining concepts. Is star power enough to sustain a restaurant business in today’s market? The evidence suggests that even famous names cannot overcome fundamental business challenges.
The future of plant-based dining
Despite this high-profile failure, the plant-based food sector continues to grow overall. Market research indicates that plant-based alternatives remain a strong growth segment in the food industry, though consumers increasingly expect these options to be integrated into existing restaurant menus rather than forming the basis for specialty establishments.
The most successful plant-based offerings tend to come from established chains that can leverage existing infrastructure and customer bases while offering plant-based options alongside traditional menu items. This hybrid approach seems more sustainable than dedicated vegan-only concepts in most markets.
Fast food giants have managed to introduce plant-based items at competitive price points, making them accessible to curious mainstream consumers rather than just committed vegans and vegetarians. This mainstream adoption might ultimately do more for plant-based eating than specialty chains ever could.
Lessons for the industry
The collapse of this chain offers several takeaways for the restaurant industry and celebrity entrepreneurs. First, star power alone cannot sustain a business model that doesn’t resonate with enough consumers at the right price point. Second, timing is everything—launching just before a global economic downturn can doom even the most promising concepts.
Third, the restaurant business remains notoriously difficult, with slim margins and high overhead costs making it challenging for new entrants to achieve profitability. Even with deep-pocketed backers, restaurants need to achieve operational efficiency quickly or risk burning through investment capital.
For consumers interested in plant-based dining, the story serves as a reminder that supporting such businesses is vital if they are to survive. The disconnect between stated consumer interest in sustainable food options and actual purchasing behavior continues to challenge businesses in this space.
As the dust settles on this high-profile closure, the industry will undoubtedly analyze what went wrong and how future ventures might avoid a similar fate. Meanwhile, the racing champion returns his focus to the track, where his recent team change has yet to deliver the results fans expected.
