Shares in Chill Brands Group PLC (LSE:CHLL), the consumer goods distributor, surged 45% to 0.49p after the company announced the launch of its Chill Connect wholesale platform with more than 2,000 initial retailer accounts onboarded.
The platform allows UK convenience retailers to purchase tobacco alternatives, vaping products, pouches, beverages, confectionery and other fast-moving consumer goods through a dedicated wholesale channel.
The launch marks the completion of a shift in the company's commercial model from a brand-led consumer goods business to a distribution-first platform serving the independent convenience retail sector.
Chill Brands said it is taking a measured approach to growth, with the immediate priority on ensuring inventory availability and service capacity keep pace with demand as further retailers are onboarded from its wider network.
The company said independent convenience retailers are increasingly looking to consolidate their sourcing relationships, and it is in discussions with additional consumer goods brands seeking distribution in the independent channel.
The board said the platform extends the company's commercial reach by allowing retailers to place orders without requiring input from field sales representatives, reducing dependence on physical cash handling.
Separately, Chill Brands said it is engaged in early-stage conversations regarding potential partnerships, investment opportunities and transactions, including discussions around extending its digital platform portfolio.
No commitments have been made and the company said it will update shareholders when there are material developments.