Beyond Meats first retail listing in Spain announced

Beyond Meat's first retail listing in Spain announced

Beyond Meat, the US meat-free supplier, has confirmed it has stepped up its presence in Spain as part of its push in Europe.

The company, which has grabbed mainstream business headlines this year after a buoyant IPO in the US, has announced its first major retail listing in Spain.

Spanish grocer El Corte Ingles started stocking the Beyond Burger last week. El Corte Ingles is the first major Spanish food retailer to list a Beyond Meat product, although the company does sell into a smaller chain, Sanchez Romero, as well as having a number of restaurants in the country. The burgers are manufactured and frozen in the US, shipped to Europe and sold chilled.

In May, Beyond Meat announced a manufacturing agreement with Netherlands-based group Zandbergen to speed up delivery of its plant-based meat alternative products to customers in Europe.

The agreement extended Beyond Meat's partnership with Zandbergen, which started distributing the company's products in Europe last year, to foodservice and retail customers. Zandbergen is building a new facility to accommodate the US firm's products and it is expected to be completed in the first quarter of 2020.

In May 2018, Beyond Meat, which was founded in 2009 and steadily built a presence in the US, laid out plans to launch into 50 countries.

Asked how many markets in which Beyond Meat was presently doing business, a spokesperson said: "Beyond Meat is now sold in more than 53,000 points of distribution across six continents."

Last month, the company announced plans to raise more money by way of a new public offering, partly to increase its production.

Shares in Beyond Meat were priced at $25 when the company listed on the Nasdaq in May. On 26 July, the stock reached a high of $234.90. The company's shares closed at $144.20 yesterday (15 August).