Cambridgeshire-based Hotel Chocolat bought by Mars for more …
Cambridgeshire-based Hotel Chocolat has been bought by US confectionary giant Mars. The deal, announced earlier this week, is said to be worth around £534 million.
The luxury chocolatier, which has more than 100 shops across the UK, said the deal is part of plans to grow the brand overseas. It has had mixed success expanding internationally in the past but feels the new partnership will help to boost their presence.
The chain currently operates a factory in Huntingdon and a distribution centre in St Neots. It also runs stores at Lion Yard Shopping Centre in Cambridge and Queensgate Shopping Centre in Peterborough.
Angus Thirlwell, co-founder and chief executive of Hotel Chocolat, said: "We know our brand resonates with consumers overseas, but operational supply chain challenges have held us back. By partnering with Mars, we can grow our international presence much more quickly using their skills, expertise and capabilities."
Andrew Clarke, global president of Mars Snacking, added: "The Mars and Hotel Chocolat businesses are highly complementary, and during the course of our discussions with Hotel Chocolat’s leadership, it has also become clear that there is a very strong cultural fit – with purpose at the heart of both organisations, and a shared passion for quality and sustainability."
Hotel Chocolat had been operating at a loss after a restructuring last year which helped bring down costs. However, last month, it said sales grew by more than a tenth in the three months to October and new stores had performed better than expected.
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- ^ Huntingdon (www.cambridge-news.co.uk)
- ^ St Neots (www.cambridge-news.co.uk)
- ^ Lion Yard (www.cambridge-news.co.uk)
- ^ Peterborough (www.cambridge-news.co.uk)
- ^ You can also sign up to our dedicated Peterborough, Traffic and Crime newsletters for the latest updates on the topics you are most interested in. (www.cambridge-news.co.uk)