Japan Joint Venture
28/07/2022 07:10
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RNS Number : 0564U Hotel Chocolat Group PLC 28 July 2022
28 July 2022
HOTEL CHOCOLAT GROUP PLC
("Hotel Chocolat", the "Company" or the "Group")
Japan Joint Venture
Hotel Chocolat Group plc, a premium chocolate brand, today announces that
Hotel Chocolat KK, a Japanese joint venture in which the Group holds a 20%
shareholding, has obtained Court approval for Civil Rehabilitation
restructuring proceedings (Minji Saisei):
· The Group understands that Hotel Chocolat KK has entered Civil
rehabilitation in order to pursue options for a restructuring, pursuant to
seeking new sources of capital.
· The Group had loaned £23m to Hotel Chocolat KK over the period
2018 to 2022 for working capital purposes. In addition, the Group has entered
into guarantee arrangements of up to £5.8m for loans made to HC KK by
Japanese leasing companies.
· As part of a Trading Update on 19(th) July 2022, the Board of
Hotel Chocolat Group has previously acknowledged the potential for a full
impairment charge in the FY22 accounts, under IFRS9 relating to revised
assessment of probability of recovery on £23m of loans made to Japan joint
venture over the period 2018-2022.
Enquiries:
Hotel Chocolat Group PLC Tel: +44 (0) 1763 257 746
Angus Thirlwell, Co-Founder and CEO
Peter Harris, Co-Founder and Development Director
Matt Pritchard, CFO
Liberum (Nominated Adviser and Sole Broker) Tel: +44 (0) 20 3100 2000
Clayton Bush
Edward Thomas
Miquela Bezuidenhoudt
Citigate Dewe Rogerson Tel: + 44 (0) 20 7638 9571
Angharad Couch
Ellen Wilton
Alex Winch
Notes to Editors:
Hotel Chocolat is a premium British chocolate maker with a strong and
distinctive D2C brand. The business was founded by Angus Thirlwell and Peter
Harris, who are still executives within the business, and has traded under the
Hotel Chocolat brand since 2003. The Group is unusual in being a grower
(organic cacao farm in Saint Lucia), a manufacturer (Cambridgeshire) and
owning its extensive direct to consumer channels (branded stores, websites).
The Group was admitted to trading on AIM in 2016.
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