Mercedes driver Lewis Hamilton has been delivered a hefty blow, after it was reported that Neat Burger - a company that the seven-time world champion has invested in - will be closing four of its eight UK restaurants.
According to This is Money, the meat alternative brand reported losses of around £7.9 million in 2022, and has now decided to take action.
The company, which has also received backing from Leonardo di Caprio, will axe its Liverpool Street, Canary Wharf, Oxford Street and Westfield Stratford sites in London, with many redundancies expected according to the report.
Neat Burger bosses have also reportedly told staff that the company's 'future is at risk.'
However, Neat Meat is still looking to expand, opening its third location outside of the UK last week in Milan, adding to chains in New York and Mumbai.
The report added that Neat Meat has not responded to requests for comment.
Whilst the number of people choosing a plant-based diet across the UK continues to rise, the faux meat industry has been declining, partly due to the cost of living crisis meaning vegans opt for cheaper, more natural ingredients rather than meat alternatives.
Earlier this year, Hamilton said in a press release that he was "Really proud of the boundaries we have been able to push in this space and the plans for expansion are really exciting.
"As someone who follows a plant-based diet, I believe we need a healthier high street option that tastes amazing but also offers something exciting to those who want to be meat-free every now and again."
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