Beyond Meat IPO Was a Massive Success But Celebrity Chef Bobby Flay Isn’t Convinced

Investments September 5, 2019

Just when all eyes were on Uber for the launch of its overly-hyped IPO, another unlikely company quietly crept in and stole the show. Yes, we’re talking about Beyond Meat, the vegan burger company that has had the most successful IPO of the year thus far, raising $5 billion from its initial investment round.

BYND share prices have also soared by 250% since its IPO launch in comparison to Uber’s 10% loss. While the meat substitutes craze has properly caught up with the stock market, there’s a popular celebrity chef who isn’t boarding the plant-based bandwagon.

Hold up. I’m not doing meat substitutes yet

Speaking to Power Lunch on CNBC, Bobby Flay admitted that he hasn’t yet made these substitutes available in his restaurants. The celebrity chef’s remarks came soon after the pizza chain Little Caesars confirmed that it would be selling Impossible Foods’ sausage crumbles, plant-based ones to say the least.

Cost

The chef owns several restaurant brands in the States and feels like the decision to get on board with or decline the plant-based substitutes all comes down to one thing – cost. On average, a check goes for around $11 at any of his Bobby’s Burger Palace restaurants.

Comparing actual meat to these substitutes, Flay feels that the latter would be more expensive. An increase in the cost of production inevitably means an increase in the cost of the final product, an eventuality that the chef is particularly keen to prevent. Why go for an Impossible Burger while you can still have your regular burger?

There’s something for everyone in Bobby’s world

However, the chef’s stand doesn’t mean that his brands don’t have any vegetarian options. Bobby’s Burger Palace does indeed provide veggie burgers, but Flay is keen to point out that there’s a world of difference between what he serves and these options cropping up.

Flay uses beans, grains, and chickpeas to make his veggie burgers. Beyond Meat and Impossible Foods, on the other hand, are trying above and beyond to emulate how meat tastes and looks. At this point, chef Flay isn’t ready to jump on the bandwagon just yet, as he feels that they’re a bit pricey for his restaurants.

Successful Chef

That he always thinks of his customers first may explain why the chef is as successful as he is. According to his biography, Bobby showed interest in cooking from a very young age. One of the gifts he asked for during Christmas when he was still quite young was an Easy-Bake Oven. Did that ever appear on your list?

In 1982, a teenage Bobby had his first experience working at a restaurant. Without a doubt, he loved it there! He rose through the ranks, and his boss offered to pay for the lads cooking classes at the Manhattan Culinary Institute. He was the institution’s Outstanding Graduate by the time he was done.

The chef’s first restaurant was opened in 1991, and it immediately won the hearts of many. The following year, Mesa Grill gained recognition as the Best Restaurant, a title bestowed to it Gael Greene, the great food critic. ’93 came and with it a Rising Star Chef of the Year title for dear Bobby. The young chef also took a great leap of faith the same year, opening up another establishment at Flatiron. Like the Mesa Grill before it, it became an instant hit.