Scottish chocolate manufacturer Coco Chocolatier has secured a funding package from Virgin Money, backed by UK Export Finance (UKEF), to support international expansion and refinance recent acquisitions.
Coco Chocolatier, based in South Queensferry, is part of the Made Uncommon group, which owns confectionery brands including H!P, Otherly, Love Cocoa and Seed & Bean. It was established in 2004 and has been led by founder Calum Haggerty since 2013.
The deal with Virgin Money and UKEF has reportedly allowed the manufacturer to refinance a short-term bridging loan used to acquire three new confectionery brands including Love Cocoa, H!P and Seed & Bean, which has doubled the group’s revenue over the past four months. Coco Chocolatier said this has helped to free up capital for further investment and “opened new opportunities” for growth in North America, Europe and Australasia.
A “strong focus” on export markets
Calum Haggerty, founder of Coco Chocolatier, added: “Refinancing the original acquisition bridging facility was an important step for the business. Over the past four months we have integrated several well-known confectionery brands into the Made Uncommon portfolio, effectively doubling the size of the group.
“The support from Virgin Money and UK Export Finance has allowed us to stabilise the capital structure while freeing up working capital to focus on growth. Our ambition is to build Made Uncommon into a leading house of premium confectionery brands, with a strong focus on export markets including North America, Europe and Australasia.”
Carol Harvey, export finance manager at UKEF, said: “UKEF’s General Export Facility is tailor-made to unlock financing for UK SMEs looking to fuel export growth. It’s brilliant to see Coco Chocolatier using one to expand into new international markets. We’re proud to partner with Virgin Money to support Coco Chocolatier, a great Scottish example of how ethical, sustainable business and international ambition can go hand in hand.”
