Hotel Chocolat raises £40m in bid to become ‘digital-led’ chocolatier
Hotel Chocolat has raised £40m in its latest share placement, in what its boss said will help it become a ‘digital-led chocolate brand’.
The British chocolatier’s placing, which was led by Peel Hunt and Liberum Capital, was oversubscribed.
“The £40m growth capital raised today will be invested in our fast-growing business, furthering our aim of becoming a global digital-led chocolate brand. I’m delighted that our issue was oversubscribed, demonstrating the support Hotel Chocolat enjoys with its investors,” co-founder and CEO Angus Thirlwell said.
It comes ahead of a listing on the London Stock Exchange’s junior AIM market, where shares are expected to begin trading on 27 July.
Under pandemic lockdown measures, online shopping has surged in popularity which has pushed companies like Hotel Chocolat to pivot their retail focus.
But despite the shift to online, the chocolatier’s in-store trading results have been strong, it reported earlier this month.
In the ten weeks to 27 June which saw retail restrictions ease, the company saw its sales grow by 63 per cent compared with the same period in 2020.