The chief executive of Hotel Chocolat, Angus Thirlwell, and fellow founder Peter Harris and their family trusts hold shares that will be valued at £140m apiece after the takeover, which was announced on Thursday morning.
The business had been valued by stock market investors at only £191m on Wednesday evening, although the Mars offer was still well short of the peak valuation of more than £700m in late 2021. Shares in Hotel Chocolat, which is listed on London’s Alternative Investment Market, surged by 160% after the deal was announced.
Hotel Chocolat has been through a turbulent time in recent years, as it expanded abroad, only to bite off more than it could chew.
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