Trafford Centre, Manchester, London, ENGLAND – September 2023: Hotel Chocolat External Store Sign (Photo by Peter Dazeley/Getty Images)
Peter Dazeley|Getty Images News|Getty Images
LONDON– U.S. food giant Mars stated Thursday that it will purchase British chocolatier Hotel Chocolat for ₤534 million ($662 million), as the brand name looks for to improve its worldwide existence.
Hotel Chocolat, which was developed 30 years ago to bring ethical, economical high-end chocolate to the high street, stated that the offer would enable the brand name to broaden “further and faster.”
“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,” joint creator and president, Angus Thirlwell, stated in a declaration.
The statement sent out shares of London Stock Exchange- noted Hotel Chocolat skyrocketing more than 160% in early offers to 366.50 cent by 9: 30 a.m. regional time Thursday.
Mars’ multimillion-pound quote represents a purchase cost of 375 cent per share.
Hotel Chocolat is mostly U.K.-based, with 124 stores locally and numerous others overseas.
Its worldwide growth has actually met headwinds. In September 2022, it stopped direct-to-consumer site sales in the U.S., months after closing its high street shops in the nation. Thirlwell stated that “operational supply chain challenges” had up until now stymied the brand name’s development.
The chocolatier likewise owns an estate in Saint Lucia, which is home to a 140 acre natural cocoa farm and its high-end, eco-resort, Rabot Hotel.
“We are confident that Mars will be an excellent long-term home for Hotel Chocolat, providing a like-minded, entrepreneurial and purpose-led environment in which to maximize the potential of the Hotel Chocolat brand which is already so beloved by consumers,” Andrew Clarke, international president of Mars Snacking, stated in a declaration.
