The co-founders of Hotel Chocolat will each get £144m after agreeing to sell the British business to Mars.The US confectionery giant will pay £534m for the firm that Angus Thirlwell and Peter Harris set up in 1993.
Hotel Chocolat said the deal would allow the brand to “grow further and faster”, including overseas.
The company has had mixed success with expanding internationally and last year had to shut down its five shops in the US.”We know our brand resonates with consumers overseas, but operational supply chain challenges have held us back,” said chief executive Mr Thirlwell.
The company is mostly based in the UK with around 124 shops, but has some overseas.
Mr Thirlwell said: “By partnering with Mars, we can grow our international presence much more quickly using their skills, expertise and capabilities.”
Mr Thirlwell and Mr Harris each have a 27% stake in Hotel Chocolat. Mr Thirlwell, who will stay on as chief executive, said that he would invest 80% of the £144m he will make back into the company.
He added that Mr Harris, who will retire, would also invest some of his windfall in Hotel Chocolat under Mars’ ownership but did not say how much.