Coco Chocolatier gains key financing for group expansion
Calum Haggerty, of Made Uncommon, has recently acquired Love Cocoa confectionery business. Pics: Made Uncommon
After a bold move to acquire three key British confectionery brands, Scotland Coco Chocolatier has gained funding from Virgin Money and UK Export Finance (UKEF), writes Neill Barston.
While the value of the deal has not been disclosed, the sum enables the South Queensferry business to further its international operations in the wake of gaining Love Cocoa, its sister brand HiP, and Seed and Bean.
Coco Chocolatier, led by Calum Haggerty, is part of the Made Uncommon group, a growing portfolio of sustainably-focused premium confectionery businesses.
The deal with Virgin Money and UKEF has allowed the manufacturer to refinance a short-term bridging loan used to acquire three new confectionery brands including Love Cocoa, H!P and Seed & Bean, which has doubled the group’s revenue over the past four months. This has also helped Coco Chocolatier to free up capital for further investment and opened new opportunities for growth in North America, Europe and Australasia.
Craig Wilson, Head of FX Sales & Trade Finance at Virgin Money said: “Coco Chocolatier is a great example of how a willingness to take the leap and invest in UK and overseas expansion can help a manufacturer to reach its full potential.
“At Virgin Money we aim to ensure that alongside our experienced Business Bank Relationship Managers, businesses have access to key specialists like Greg Robertson, our FX & Trade Finance Manager. Greg worked with Calum throughout the deal to offer support, insights and value at the right time. By combining the specialist skills and expertise of our Trade Finance team and Relationship Managers, we continue to support more internationally trading businesses, like Coco Chocolatier, helping them to grow.”
Calum Haggerty, Founder of Coco Chocolatier, adds: “Refinancing the original acquisition bridging facility was an important step for the business. Over the past four months we have integrated several well-known confectionery brands into the Made Uncommon portfolio, effectively doubling the size of the group. The support from Virgin Money and UK Export Finance has allowed us to stabilise the capital structure while freeing up working capital to focus on growth. Our ambition is to build Made Uncommon into a leading house of premium confectionery brands, with a strong focus on export markets including North America, Europe and Australasia.”
Carol Harvey, Export Finance Manager at UKEF, added that it aimed to support growing businesses such as Made Uncommon, particularly given its core focus on ethical trading and sustainability.
