Hotel Chocolat

Hotel Chocolat Group
FormerlyHotel Chocolat Group Limited (2013–2016)[1]
Company typeSubsidiary
LSE: HOTC
IndustryChocolatier
Founded1993; 31 years ago (1993)
Founder
  • Angus Thirlwell
  • Peter Harris
HeadquartersRoyston, Hertfordshire
Number of locations
125 (2022)
Products
  • Chocolate
  • Hot Chocolate
  • Gifts
  • Cooking Chocolate
  • Cuisine Items
Revenue£226 million (2022)
Number of employees
600–650
ParentMars Inc. (2024–present)
Websitehotelchocolat.com
Footnotes / references
[2]

Hotel Chocolat Group is a British chocolate manufacturer and cocoa grower.[3] It produces and distributes chocolate and other cocoa related products online and through a network of cafés, restaurants, outlets and factory stores.[4]

By 2023, it had been reported that the firm had 125 stores spread across the United Kingdom.[5] The only company to grow cocoa on its farm in that country,[citation needed] its acquisition by Mars Inc. was completed in January 2024.[6]

History

Hotel Chocolat, Monmouth Street, Covent Garden, London
Hotel Chocolat, Boar Lane, Leeds

In 1990, Angus Thirlnell and Peter Harris began designing and selling mints under the brand "Mint Marketing Company (MMC)", before moving to chocolates about six years later under the "Geneva Chocolates" brand.[7] Thirlwell and Harris' success led them to expand their business into the catalogue order market under the "Chocolate Express" brand.[7]

In 1998, the Chocolate Tasting Club was launched in Britain; as of 2014, it has around 100,000 members.[8] To date, the Tasting Club has trialled over 1,500 different recipes. As detailed on their website, the Chocolate Tasting Club sends out boxes to customers all over the country each month.

In 2003, Chocolate Express (ChocExpress) rebranded as Hotel Chocolat and launched its first retail store in the center of Watford. The company then grew initially to having four stores in the East Anglian area, with stores in Milton Keynes, Cambridge and St Albans opening between 2005 and 2006.

In 2006, the company officially acquired the Rabot Estate in Saint Lucia, and is, to date, the only company in the UK to own its own cocoa farm.[9] This farm is one of the reasons given for the company choosing not to be Fair Trade-accredited, as only smallholdings are allowed.

In 2011, Hotel Chocolat opened its Boucan Hotel in Saint Lucia.[10] The hotel sits on the Rabot Estate which is perched high up between the Piton mountains. The hotel currently has six lodges and a cocoa-inspired Boucan Restaurant.

In November 2013, it opened two UK restaurants, Rabot 1745 in London's Borough Market, and Roast + Conch in Leeds.[11] In August 2017, one year after becoming listed on the London Stock Exchange as Hotel Chocolat Group PLC,[12][13] it opened its first stores in the Republic of Ireland in Dundrum, Dublin.[14]

In January 2019, British television station Channel 5 aired a two-series documentary as part of their "Inside" series, titled "Inside Hotel Chocolat". Another British television station, Channel 4, aired two documentaries in 2022 also focused on Hotel Chocolat; the first was "Hotel Chocolat at Easter" in April 2022 and the second was titled "Hotel Chocolat: Inside the Chocolate Factory" in August 2022.[15]

In November 2023, Hotel Chocolat agreed to be acquired by American confectionery company Mars, Inc in an all-cash deal for £534 million [16][17]. Both companies have expressed hope that the deal will increase the brand's exposure internationally. The deal closed on 25 January 2024.[18]

Corporate affairs

Leadership

Hotel Chocolat is led by co-founders Angus Thirlwell (CEO) and Peter Harris.[19]

Locations

Hotel Chocolat has 125 shops in the United Kingdom (as of January 2023)[5] and 33 stores in Japan (as of May 2022).[20] In 2022, the company announced plans to close all five locations in North America.[21] It continues operation online and through a network of wholesalers.[19]

In November 2024, the company announced it plans on exiting the Republic of Ireland at the end of the year. The exit will result in the closure of two stores in Dublin.[22]

Shareholder structure

As of 30 September 2022, major shareholders in the company included its directors Angus Thirlwell (27.1%) and Peter Harris (27.1%),[23] Phoenix Asset Management Partners (15.34%), and Capital Group Companies (6.23%).[24] Since 25 January 2024, American confectionery maker Mars Inc. became the new owner of Hotel Chocolat.[18]

Products

The company produces a variety of chocolate-based confectionery, including regular chocolate bars, blocks, loose chocolates and a variety of seasonal and gift products. It also offers beverages like hot chocolates and alcohol.[19] In 2022, the company launched a chocolate subscription service.[25]

Angus Thirlwell, CEO of Hotel Chocolat

The Velvetiser

Released in 2018, The Velvetiser was launched as the first, at-home hot chocolate machine, designed to heat & mix (Velvetise) milk, dairy or plant-based, and chocolate shavings to offer a coffee shop style drink at home.

Rabot Estate, St. Lucia

Hotel Chocolat owns and operates a 140-acre (0.57 km2) estate in the southwest of St Lucia, near Soufrière. Rabot Estate is home to a luxury hotel and a cocoa plantation that is divided into 16 different areas.[13][citation needed] The cocoa trees of Rabot Estate are primarily Trinitario species.[citation needed]

See also

References

  1. ^ "HOTEL CHOCOLAT GROUP PLC overview - Find and update company information - GOV.UK". Companies House. 16 July 2013. Retrieved 27 January 2024.
  2. ^ "Store Locator". Hotel Chocolat. Retrieved 17 June 2017.
  3. ^ Jolly, Jasper (16 November 2023). "How Hotel Chocolat became a £534m prize for Mars". The Guardian. ISSN 0261-3077. Retrieved 6 December 2023.
  4. ^ "Our Story | Hotel Chocolat". www.hotelchocolat.com. Retrieved 6 December 2023.
  5. ^ a b "Hotel Chocolat to open 50 new stores as it enjoys best Christmas shop sales". Financial Times. 19 January 2023. Retrieved 21 March 2023.
  6. ^ "Mars completes acquisition of premium chocolate brand Hotel Chocolat". Mars, Inc. Retrieved 25 February 2024.
  7. ^ a b Zainzinger, Vanessa (28 January 2013). "Speaking at Real Business Funding: Peter Harris". Real Business. Retrieved 21 March 2023.
  8. ^ Hope, Katie (27 October 2014). "The man who built the Hotel Chocolat empire". BBC News. Retrieved 10 November 2014.
  9. ^ Hope, Katie (27 October 2014). "The man who built the Hotel Chocolat empire". BBC News. Retrieved 10 November 2014.
  10. ^ Portas, Mary. "Mary Portas visits Hotel Chocolat". The Telegraph. Archived from the original on 29 January 2013.
  11. ^ Baker, Andrew (30 September 2014). "Hotel Chocolat turns 10: the sweet taste of success". The Independent.
  12. ^ "Stock".
  13. ^ a b "Hotel Chocolat shares surge on stock market debut". the Guardian. 10 May 2016. Retrieved 23 November 2022.
  14. ^ "Hotel Chocolat takes a bite at Dublin". Philip Connolly. The Times. 13 August 2017.
  15. ^ Singh, Anita (8 August 2022). "Hotel Chocolat: Inside the Chocolate Factory, review: it's one long ad – but the chocolate looks lovely". The Telegraph. ISSN 0307-1235. Retrieved 5 September 2022.
  16. ^ "Hotel Chocolat bought by Mars in £534m deal - Retail Gazette". Retail Gazette. 16 November 2023. Retrieved 16 November 2023.
  17. ^ "U.S. giant Mars to buy Britain's Hotel Chocolat for $662m". Reuters. Retrieved 21 November 2023.
  18. ^ a b "Mars completes acquisition of premium chocolate brand Hotel Chocolat". 25 January 2024. Retrieved 14 March 2024.
  19. ^ a b c "Hotel Chocolat Sets Sights on Christmas Sales as Shares Languish". Bloomberg.com. 1 August 2022. Retrieved 23 November 2022.
  20. ^ "Hotel Chocolat's Angus Thirlwell reveals the sweet secrets' of his luxury British chocolate brand". Proactiveinvestors UK. 11 March 2022. Retrieved 18 May 2022.
  21. ^ confectionerynews.com (21 July 2022). "Hotel Chocolat to pull out of North America as shares go into meltdown". confectionerynews.com. Retrieved 23 November 2022.
  22. ^ "Donnybrook Fair and UK retailer Hotel Chocolat both to close stores in Dublin". Irish Independent. 14 November 2024. Retrieved 6 December 2024.
  23. ^ MarketScreener. "HOTEL CHOCOLAT GROUP PLC : Shareholders Board Members Managers and Company Profile | GB00BYZC3B04 | MarketScreener". www.marketscreener.com. Retrieved 21 March 2023.
  24. ^ "Hotel Chocolat Group share price | HOTC | Shareholder breakdown". research-centre.barclays.co.uk. Retrieved 21 March 2023.
  25. ^ Gould, Marianna (26 April 2022). "Hotel Chocolat Just Announced A Chocolate Subscription Service And This Could Be Dangerous..." Delish. Retrieved 23 November 2022.