Mars to buy Hotel Chocolat to help expansion overseas

Confectionary giant Mars has announced it will buy Hotel Chocolat for £534m to help the UK company expand overseas.

Hotel Chocolat said the deal would allow the brand to "grow further and faster".

"We know our brand resonates with consumers overseas, but operational supply chain challenges have held us back." said Hotel Chocolat chief executive Angus Thirlwell.

The company is mostly based in the UK, but has some shops overseas.

Mr Thirlwell said: "By partnering with Mars, we can grow our international presence much more quickly using their skills, expertise and capabilities."

In its most recent full-year results, Hotel Chocolat said sales had fallen although it trimmed pre-tax losses.