Hotel Chocolate plan £150m IPO

Endaba Group

The founders of chocolatier Hotel Chocolate, Angus Thirlwell and Peter Harris, are set to pocket £20m each as they reveal plans to float the business. They are selling around a third of the company for c.£50m, reinvesting £10m into new cafes and a factory and taking home £20m each. Thus, Hotel Chocolat is expected to be worth c.£150m.

Thirlwell will remain Chief Executive of the 84-store chain and Harris as Development Director. Andrew Gerrie recently joined as Chairman and will oversee the company’s listing on the junior AIM market later this year. They started planning for a listing several years ago and the company will also be launching a new website alongside opening up more upmarket restaurants and cafes.