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Hotel Chocolat has announced the completion of the placing of ordinary shares at £0.1p each raising gross proceeds of £40m on the London Stock Exchange.
Having received strong demand from existing shareholders and other institutional investors, a total of 11,112,913 new ordinary shares were placed at a price of 355p per share.
The proceeds will be utilised to fund capital investment to increase long-term sales capacity and capitalise on “anticipated” future growth.
Furthemore, the board stated that it believes the placing, supported by the retailer’s brand and growth record, will provide the company the “flexibility” to invest in new plant capabilities to match “evolving demand patterns”.
Angus Thirlwell, co-founder and CEO, said: “The £40m growth capital raised today will be invested in our fast-growing business, furthering our aim of becoming a global digital-led chocolate brand.
“I’m delighted that our issue was oversubscribed, demonstrating the support Hotel Chocolat enjoys with its investors.”
