Mars is buying Britain’s Hotel Chocolat in £534 million deal

Peter Dazeley/Getty Pictures

Resort Chocolat opened its first retailer in 2004, in north London. At the moment, the model has 131 UK shops and a presence in Japan.


London
CNN
 — 

Mars is shopping for Britain’s Resort Chocolat in a deal that values the specialist chocolate maker at £534 million ($661 million) and can bolster the US confectionery big’s presence in the UK.

Information of the deal despatched Resort Chocolat’s shares up 164% Thursday to inside hanging distance of the supply worth of 375 pence ($4.65) per share. The money supply represents a 170% premium to the model’s closing share worth on Wednesday.

Resort Chocolat was based in 1993 by entrepreneurs Angus Thirlwell and Peter Harris who “had been on a mission to make chocolate thrilling once more,” based on its web site.

The model opened its first retailer practically 20 years in the past in north London and has since grown to 131 UK shops, along with cafés and eating places. It additionally has shops in Japan and a working cocoa farm within the Caribbean, which homes a luxurious eco-hotel.

“Mars considers that the acquisition would additional strengthen its dedication to the UK market, bringing a much-loved model into its portfolio and deepening its relationships with customers,” Resort Chocolat stated in a press release. “The UK has been an necessary marketplace for Mars.”

The US firm has operated in the UK since 1932 and employs round 10,000 folks within the nation.

In the latest monetary yr, Resort Chocolat posted what it described as “disappointing” monetary outcomes. Co-founder and CEO Thirlwell, who will keep on underneath Mars, stated the takeover would enhance the model’s development prospects.

“We all know our model resonates with customers abroad, however operational provide chain challenges have held us again,” he stated within the assertion. “By partnering with Mars, we are able to develop our worldwide presence far more rapidly,” he added, describing Mars as an “wonderful long-term steward of the Resort Chocolat model.”

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