Liberum acts as Nominated Adviser, Sole Broker and Joint Bookrunner on a £39.5m placing for Hotel Chocolat
We are pleased to announce that Liberum acted as Nominated Adviser, Sole Broker and Joint Bookrunner on a £39.5m placing (the “Placing”) for Hotel Chocolat (the “Company”). The Placing was oversubscribed and received strong demand from both existing and new high-quality institutional investors.
Alongside the Placing the Company raised c. £0.5m through a retail offer with PrimaryBid (the “Retail Offer” and together with the Placing, the “Fundraise”).
Shares issued in connection with the £40m Fundraise were issued at 355p, which was the Company’s closing share price immediately prior to launch. New shares issued represent 8.2% of Hotel Chocolat’s enlarged issued share capital.
As Hotel Chocolat continues to evolve from a UK store-led brand to a globally ambitious digital-led brand, the Company believes there is potential for materially higher sales CAGR. The net proceeds of the Fundraise will be used to support the Company’s future growth by providing the capital to expand its factory footprint and increase its sales capacity to c. £500m per annum.
Liberum has been Nominated Adviser and Sole Broker to Hotel Chocolat since its IPO in May 2016.
Investment Banking – Clayton Bush, Andrew Godber, James Greenwood, Miquela Bezuidenhoudt, Chris Whitaker, Anthony Schia
Sales – Oliver Baxendale, Jamie Vickers, Julian Collett, Alistair Smallwood
Research – Wayne Brown, Adam Tomlinson
Legal – Rebecca Gordon, Alice Foster
Corporate Access – Lynsey Cox, Marcio Remedios