Mars Proposes $662 Million Acquisition of Hotel Chocolat, Shares Soar by 160%

2023-11-16 12:10:30

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Hotel Chocolat Valuation Rockets Following Mars Acquisition Offer

LONDON – The American confectionary heavyweight, Mars, has made a significant offer to acquire the UK-based luxury chocolate retailer, Hotel Chocolat, for a whopping £534 million. This move by Mars aims to enhance its global reach in the chocolate market.

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Founded just two decades ago, Hotel Chocolat has been dedicated to delivering ethical and accessible luxury chocolate products. The company has expressed that the acquisition would enable it to expedite its growth. "Further and faster expansion is now on the horizon for us, thanks to this deal," the brand stated.

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"Our footprint internationally has always been one of potential, but we've seen our stride impeded by supply chain issues. In partnership with Mars, our scale-up internationally will dramatically accelerate," said Angus Thirlwell, Hotel Chocolat's co-founder and CEO. The deal is anticipated to bolster the brand’s global distribution and operations.

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Upon the announcement, Hotel Chocolat's shares on the London Stock Exchange catapulted by an astonishing 160%, hitting 366.50 pence shortly after the morning trading began on Thursday. Mars' generous acquisition bet sets the value at 375 pence per share.

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The primary base of operations for Hotel Chocolat is in the UK, where it boasts 124 stores. While it has attempted to grow internationally, challenges, particularly in the US, have thwarted its progression. Just last year, Hotel Chocolat closed down sales on its stateside direct-to-consumer website following the shuttering of its physical stores.

Aside from chocolates, Hotel Chocolat uniquely owns a sprawling 140-acre organic cocoa farm in Saint Lucia along with the esteemed Rabot Hotel, exemplifying the brand's commitment to sustainable and luxury chocolate experiences.

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