Hotel Chocolat has announced that it has agreed to acquire the entire issued share capital of
Rabot 1745 Limited.
Rabot was established in 2016 as a joint venture between the company and Andrew Gerrie (the non-executive chairman of Hotel Chocolat) to develop a range of beauty products inspired by the group’s Saint Lucian cacao farm and rainforest spa.
The group and Gerrie own 47% and 40.5% respectively of the issued share capital of Rabot with the balance held by non-related parties.
The company’s issued share capital of Rabot is through its subsidiary, Hotel Chocolat Limited which has agreed to acquire the remaining 53% of the issued shares, including those owned by Gerrie.
On completion of the acquisition, Rabot is expected to have total assets of £700,000 and liabilities of £900,000 resulting in (unaudited) net liabilities of £200,000.
In addition, the group will also acquire Robot’s inventories and other assets, as well as liabilities which include an outstanding loan amount owed Gerrie totalling £744,249.
The group will settle Gerrie’s loan through the issue of 203,903 new ordinary shares of 0.1 pence each.