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Neat Burger Closes Last UK Restaurants Amid Financial Strain
London – Neat Burger, the plant-based burger chain backed by celebrities Lewis Hamilton and Leonardo DiCaprio, has shuttered its remaining restaurants in the United Kingdom. The company, which specializes in synthetic meat products, faced significant challenges in achieving profitability due to shifting consumer habits and economic pressures.
Financial Difficulties and Restaurant Closures
The vegan fast-food venture has struggled to maintain financial viability in the face of rising operating costs and decreased consumer demand for vegan options. Mounting cost-of-living pressures and a reduction in delivery orders, compared to the pandemic peak, further exacerbated the company’s financial woes.
Neat Burger had ambitious expansion plans for London, initially aiming for 30 locations. However, the chain was forced to close four London-based restaurants in late 2023 after experiencing substantial losses. Reports indicate losses more than doubled to £7.8 million in the preceding year, signaling significant financial headwinds.
Strategic Shifts and Market Challenges
In a communication to stakeholders, co-founder Tommaso Chiabra acknowledged the company’s efforts to adapt to “challenging market conditions” over the past year and a half. These measures included discontinuing its dark kitchen operations, which proved unsustainable due to intense competition and the high costs associated with customer acquisition. Neat Burger described its customer base as “flighty and cost-conscious,” highlighting the difficulty in retaining customers in the current economic climate.
US Market Exit and Menu Revamp
Further strategic adjustments included withdrawing from a solely company-owned store model and exiting the United States market. The New York location alone was reportedly incurring monthly losses of approximately $100,000. Despite launching a revised menu, Neat Burger was unable to reverse declining sales trends. Customer transactions fell by 20% in the latter half of the previous year, and this downward trend continued into the early months of 2025.
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Background and Investment
Established in 2019 by Tommaso Chiabra, Zack Bishti, and Stasi Nychas, Neat Burger aimed to capitalize on the growing popularity of vegan diets. The company attracted early investment from high-profile figures, including Oscar winner Leonardo DiCaprio, Formula One champion Lewis Hamilton, and former SoftBank executive Rajeev Misra.
Lewis Hamilton previously stated that Neat Burger’s mission was to make “plant-based eating more accessible,” appealing to both committed vegans and those seeking to incorporate more plant-based meals into their diet.
Following an $18 million funding round in May 2023, Neat Burger’s valuation reached $100 million. Investors included LionTree, a boutique bank, and Real Madrid goalkeeper Thibaut Courtois. The funding was intended to support the opening of another US restaurant and additional locations in London by 2025. However, just six months later, Neat Burger announced the closure of several London locations, including Canary Wharf, Oxford Street, Liverpool Street, and Westfield Stratford, signaling a rapid change in the company’s trajectory.