Quorn Foods meat substitute firm sold for £550m

The meat substitute company Quorn Foods - advertised in the UK by Olympic Gold winner Mo Farrah - has been sold to Monde Nissin of the Philippines for £550m ($831m).

The company was put up for auction earlier this month and attracted interest from global food companies including Danone and chip giant McCain.

Quorn, a meat substitute made from fungus, is produced in North Yorkshire.

The company expects to increase the number of people employed at its sites.

Quorn is sold on its own for use in recipes at home or in ready meals and products that mimic items such as burgers and sausages.

It is available in 15 countries.

Quorn's chief executive, Kevin Brennan, said the deal would help the business grow: "We have an ambition to be the world leader in meat alternatives, ultimately creating a $1bn business. Monde Nissin... provides the capability to expand the brand into Asia."

Quorn Foods has around 620 employees on three UK sites and internationally: Stokesley in North Yorkshire, Billingham on Teesside and Methwold in Norfolk, as well as Frankfurt in Germany, and Chicago in the US.