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  Thursday, 9 September, 2010 
 



 

Hotel Chocolat Raises £3.7million in Chocolate Bonds
 
Posted: 13/07/2010
 
Hotel Chocolat has announced it has raised £3.7 million through the UK's first Chocolate Bond offer.

The Chocolate Bond was available to existing and Chocolate Tasting Club members, of which there are around 100,000, and the return is paid in chocolate. The funds raised will be used to expand the firm's chocolate factory in Cambridgeshire, creating up to 250 new jobs and growing its portfolio of shops, creating up to 150 new jobs. Cash will also be used to set up Hotel Chocolat’s eco chocolate factory at its cocoa plantation in the Rabot Estate, Saint Lucia, and further overseas expansion.

Angus Thirlwell, Co-Founder and CEO of the Hotel Chocolat family of companies, said:  “We are thrilled with the phenomenal response from the Chocolate Tasting Club members to this innovative form of fund raising.  The remarkable support we have received is a testament to the strength of the relationships we have been fortunate to enjoy with our customers since the establishment of The Chocolate Tasting Club 12 years ago.

“The idea for this Chocolate Bond was prompted by our customers asking how they could get more involved with the Company.  We found a way of inviting them to invest in our development plans in exchange for a return paid in chocolate.  And we have been bowled over by their response.  We are now in a strong position to grow the business further using funds provided directly from our customers.”

After three years the Chocolate Bonds can be redeemed in full.  The first return to bondholders will be delivered in the form of a Chocolate Tasting Box during August.

 

 

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