Hotel Chocolat Group PLC (AIM:HOTC) is having another stab at making a success of expanding its business in Japan after signing a new strategic partnership agreement with Tokyo-based Eat Creator Corporation.
The Hertfordshire-based chocolate maker said Eat Creator will provide “growth capital, new supply side know-how and proven expertise in food brand development for the Japanese consumer.”
Hotel Chocolat will have a 20% stake in the new company and retain all brand royalty revenues in an agreement which it said supports its global strategic ambitions.
In a statement, the company said 21 branded Hotel Chocolat stores will initially be within the new structure.
Angus Thirlwell, co-founder and chief executive officer of Hotel Chocolat, said: “Our new partner is well equipped to optimise the brand's potential for Japan, bringing proven expertise, new capital and a natural alignment on brand values.”
Only last month, the company was forced to write off around £30mln in its previous Japanese venture which resulted in the company posting a full-year post-tax loss of £9.4mln.