"We are delighted to have assisted Hotel Chocolat with the development and issue of its Chocolate Bonds, which will be an important tool in financing its exciting global expansion."
David Walker, Partner - Memery CrystalIn detail
Under the issue, which closed on 12 July 2010 and raised £3.7 million, eligible individuals could apply for up to £10,000 worth of Chocolate Bonds in multiples of either £2,000 or £4,000. Investors in the £2,000 bond received six free Tasting Boxes per year, equivalent to a 5.38% return or 6.72% gross return for a basic rate taxpayer. Investors in the £4,000 bond received thirteen Tasting Boxes per year, equivalent to a 5.83% return or 7.29% gross return for a basic rate taxpayer.
Hotel Chocolat is one of Britain’s fastest growing companies, with activities stretching from a 140-acre cocoa estate on Saint Lucia; manufacturing operations in the UK; a thriving Chocolate Tasting Club with over 100,000 members; over 40 retail stores in the UK; and store openings in Boston (USA) and the Middle East. The Chocolate Bonds will fund Hotel Chocolat’s further investment in its cocoa estate, as well as the expansion of its manufacturing operations and opening of new stores in the UK and overseas.
Amount Raised £3.7m