Chocolate café and retailer Knoops has announced a £5 million fundraising initiative, now approved under the Enterprise Investment Scheme (EIS).

The funding round is led by Andrew Gerrie, co-founder of British cosmetics retailer Lush. He served as chairman of Hotel Chocolat from 2015 until its sale to Mars last year.

The capital raised will support Knoops' international expansion and strengthen its position in the market.

Alongside the fundraising, Knoops has appointed Pret A Manger and Itsu's founder, Julian Metcalfe, and former director of marketing and e-commerce at Marks and Spencer, Alice Avis, as non-executive directors.

L-R: Julian Metcalfe, Alice Avis and Andrew Gerrie

Knoops fully owns its UK operations and has grown to 20 stores, including recent openings in Bristol, Edinburgh, Nottingham and Leeds. Upcoming locations include York, Exeter and Belfast.

William Gordon-Harris, CEO of Knoops, said: “The reality of Knoops being a leading global brand has taken one step closer with Julian and Alice joining the board and investing in the business alongside Andrew. Their belief in the scale and scope of our chocolate drinks offering and the ability of Knoops to lead this unique category is a fantastic endorsement. We are building upon our world-class team to realise our ambitions."

Avis added: "I have long seen the broad appeal and potential of this brand and am delighted to be taking this one step further by joining as a non-executive director. I truly believe Knoops has found a real 'sweet spot' in the F&B market and with that, has an exciting, international future ahead of it."

Andrew Gerrie, investor in Knoops, said: "Knoops is a fantastic brand that is creating its own category with enormous global potential...I look forward to supporting William and the team in delivering Knoops’ ambitious global growth plan as part of a long-term relationship with the business."

Top image: © Knoops

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