Hotel Chocolat Group PLC Repayment of debt (0473Q)
June 04 2018 - 1:00AM
UK Regulatory
TIDMHOTC
RNS Number : 0473Q
Hotel Chocolat Group PLC
04 June 2018
4 June 2018
Hotel Chocolat Group plc
("Hotel Chocolat", the "Company" or the "Group")
Repayment of debt
Hotel Chocolat Group plc, a premium British chocolatier and
omni-channel retailer, today announces the repayment of GBP6.4m of
debt borrowed from its customers in the form of "Chocolate
Bonds".
In 2010 and 2014, the Chocolate Tasting Club PLC, a subsidiary
of the Group, issued two bonds which paid a return in the form of
luxury boxes of chocolate or Hotel Chocolat Gift Cards. The bond
proceeds were invested in capital projects that supported the
growth of the company and developed cocoa sustainability projects
in St Lucia and Ghana. At inception, the net cash proceeds received
for these bonds were recognised as a liability. Each year the cost
value of the chocolates was recognised as an interest expense.
The bond proceeds have contributed to:
-- The creation of 600 jobs in the UK
-- New store openings in the UK and Ireland
-- Capital investment in manufacturing in the UK
-- Increased support for cocoa growers in Saint Lucia and Ghana
-- Sustainability projects including the creation of four model farms that supply disease-resistant
cocoa seedlings and demonstrate best practice cocoa growing techniques to improve yields and
farm incomes
-- A fully operational community medical centre in Osuben, Ghana
The bonds were repayable by the company without notice.
The company would like to thank the Bondholders for the
important role they have played in the growth and development of
Hotel Chocolat. The ongoing growth of the business has now
increased operating cash generation to the extent that the Board
believes the continuation of the above growth and sustainability
projects can now be funded using the Group's available working
capital.
Angus Thirlwell, Co-founder and Chief Executive Officer of Hotel
Chocolat, said: "Thanks to the support of our amazing Chocolate
Bond-holders, we were able to invest in ethical cocoa, British
manufacturing, create hundreds of jobs and then repay them in full,
as planned."
For further information:
+ 44 (0)
Hotel Chocolat Group plc c/o Citigate 20 7638 9571
Angus Thirlwell, Co-founder and Chief
Executive Officer
Peter Harris, Co-founder and Development
Director
Matt Pritchard, Chief Financial Officer
Citigate Dewe Rogerson - Financial + 44 (0)
PR 20 7638 9571
Simon Rigby
Angharad Couch
Ellen Wilton
Liberum Capital Limited - Nominated + 44 (0)
Advisor and Broker 20 3100 2222
Clayton Bush
Jill Li
Notes to Editors:
Hotel Chocolat is a premium British chocolatier with a strong
and distinctive brand. The business was founded in 1993 by Angus
Thirlwell and Peter Harris and has traded under the Hotel Chocolat
brand since 2003. The Group sells its products online and through a
network of stores in the UK and abroad. The Group has a cocoa
plantation and eco-hotel in Saint Lucia, offering complete cocoa
immersion thorough tree-to-bar experiences and wellness treatments.
The Group also has a flagship restaurant and cocoa roastery in
London's Borough Market: Rabot 1745. The Group was admitted to
trading on AIM in 2016.
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END
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