Year After Raising $18M, Lewis Hamilton’s ‘Neat Burger’ Takes Harsh Step to Avert Crisis

Remember how many drivers complained of the Qatar GP being too harsh to drive in? Lewis Hamilton came out with the statement explaining how F1 is an extreme sport and should remain that way. The Briton is arguably one of the fittest drivers on the grid and takes his health and fitness to the extreme. Pursuing the same philosophy, the Brit turned Vegas as well as has left alcohol for good. However, his Vegan Burger Chain Neat Burgers recently took a harsh step to avert the crisis just a year after raising $18 million. But what happened? 

Lewis Hamilton became a vegan in 2017 and, following his philosophy, founded the Vegan Burger chain called Near Burger in 2019. Since then, the brand has been on the rise, opening multiple locations around the world, including the USA. The brand has raised a total of $25 million till now with $18 million coming last year when LionTree, Thibaut Courtois, and others invested in the company. The most recent known figures value Neat Burgers at $100 Million.

However, despite the growth of Neat Burger, the parent company Neat Meat accrued losses of close to $10 million last year. Yet despite opening a new outlet recently, the company decided to shut down four of its eight outlets in the UK. According to Thisismoney.co.uk, it is believed that only three outlets are in a surplus compared to the sales from last year. 

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The losses for Neat Meat were 140% more last year when compared to 2021. Drastic times call for drastic measures and hence the closure of 4 outlets. The reason given as quoted by thisismoney.co.uk was, “soaring property rents, the cost of living crisis and the impact of hybrid working patterns on London lunch trade.” However, this isn’t all bad news, as explained by the brand itself. 

“Bigger leap forward”: Hope still alive for Lewis Hamilton’s Neat Burger

Neat Burger recently opened its 3rd outlet out of the UK in Milan, Italy, with the other two outlets being in Dubai and New York. After opening the outlet in NYC, plans to expand in the US market were already put forward by the brand. As explained to the employee, it’s not the end of Neat Burger, just a slip before they come back stronger, like Lewis Hamilton. 

According to Thisismoney.co.uk, the employees were told, “Sometimes it’s necessary to take a step back to take a bigger leap forward.” It is believed that the brand grew a little too fast in its early days and the losses are a result of that miscalculation. 

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