Scottish chocolate manufacturer Coco Chocolatier has secured a funding package from Virgin Money, backed by UK Export Finance (UKEF), the government’s export credit agency, to refinance recent acquisitions and support international expansion.
Coco Chocolatier, based in South Queensferry, is part of the Made Uncommon group, a growing portfolio of premium confectionery brands including H!P, Otherly, Love Cocoa and Seed & Bean. It was established in 2004 and has been led by Founder, Calum Haggerty since 2013.
Sustainable Approach
The company is known for its ethical and sustainable approach to manufacturing, sourcing cocoa from single-origin Colombian supply chains to help ensure fair pay and good working conditions for farmers. Coco Chocolatier also takes pride in commissioning artwork featured on the packaging of its hand-wrapped chocolate bars from independent artists.
The deal with Virgin Money and UKEF has allowed the manufacturer to refinance a short-term bridging loan used to acquire three new confectionery brands including Love Cocoa, H!P and Seed & Bean, which has doubled the group’s revenue over the past four months. This has also helped Coco Chocolatier to free up capital for further investment and opened new opportunities for growth in North America, Europe and Australasia.
Virgin Money’s Trade Finance team worked closely with the local Business Bank Relationship Manager to structure the deal. A tailored funding package was completed, issuing a General Export Facility (GEF) loan with an 80% guarantee from UKEF. GEF offers flexible guarantees that help UK exporters, especially SMEs, to access working capital, improve cashflow and grow their international trade.
Craig Wilson, Head of FX Sales & Trade Finance at Virgin Money said: “Coco Chocolatier is a great example of how a willingness to take the leap and invest in UK and overseas expansion can help a manufacturer to reach its full potential. At Virgin Money we aim to ensure that alongside our experienced Business Bank Relationship Managers, businesses have access to key specialists like Greg Robertson, our FX & Trade Finance Manager. Greg worked with Calum throughout the deal to offer support, insights and value at the right time. By combining the specialist skills and expertise of our Trade Finance team and Relationship Managers, we continue to support more internationally trading businesses, like Coco Chocolatier, helping them to grow.”
Calum Haggerty, Founder of Coco Chocolatier, adds: “Refinancing the original acquisition bridging facility was an important step for the business. Over the past four months we have integrated several well-known confectionery brands into the Made Uncommon portfolio, effectively doubling the size of the group. The support from Virgin Money and UK Export Finance has allowed us to stabilise the capital structure while freeing up working capital to focus on growth. Our ambition is to build Made Uncommon into a leading house of premium confectionery brands, with a strong focus on export markets including North America, Europe and Australasia.”
