Stephenson Harwood and Travers Smith tuck into Hotel Chocolat float
Pair of firms win roles as chocolate company floats on the AIM market and raises £55m
May 05, 2016 at 09:20 AM
2 minute read
Stephenson Harwood and Travers Smith have won roles advising on the flotation of chocolate company, Hotel Chocolat.
Hotel Chocolat floated on AIM today (5 May) with a placing that raised £55m.
Based on the placing price the market capitalisation of the company is around £167m.
Stephenson Harwood advised Hotel Chocolat. Its team was led by corporate partners Tom Nicholls and Andrew McLean.
Nicholls said: "It is a fantastic company and it has been received very well by investors and the demand has been very strong."
Travers Smith advised broker Liberum Capital in its role as nominated adviser. Its team was led by corporate finance and M&A partner Adrian West.
Hotel Chocolat has raised £12m which will be invested to pursue further growth, while selling shareholders stand to recoup £43.5m.
Angus Thirlwell, co-founder and chief executive officer of Hotel Chocolat, said: "Today is a significant moment in the development of Hotel Chocolat and we are delighted to have received such strong demand from investors."
The successful float comes despite inclement market conditions; in the first quarter of 2016, just of £802.65m was raised on AIM compared to £915.73m in the first quarter of 2015.
Nicholls said: "Given the markets it is very positive and hopefully it bodes well for further IPOs running through [the rest of the year]."
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