Knoops is looking to raise an extra £5m to fuel its continued expansion in the aftermath of its revenue more than doubling during its latest financial year.
The London-headquartered drinking chocolate chain has reported a revenue of £9.3m for the year to 31 March, 2024, up from the £4.4m it posted for the prior 12 months.
The company has also revealed its operating EBITDA (earnings before interest, taxes, depreciation and amortisation) surged by 264 per cent from £269,093 to £979,264 in the year. Knoops has not revealed any pre-tax profit figures.
Knoops now runs 21 stores across the UK while it also sells chocolate flakes through its website and Harrods, Selfridges and Whole Foods.
The company’s £1m Crowdcube campaign, which forms part of the wider £5m raise, is set to go live on Thursday, 19 September.
Knoops recently recruited Julian Metcalfe, the co-founder of Pret a Manger and founder of Itsu, and Alice Avis, the former CEO and chair of the Sanctuary Spa Group, to its board.
It also counts Andrew Gerrie, the co-founder of Lush and former chair of Hotel Chocolat, as an advisor-investor.
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Knoops set for Dubai expansion
Chief executive William Gordon-Harris said: “As the FY results demonstrate, Knoops is rapidly building a stable, loyal and broad customer base across the UK – both on the high street and in people’s homes.
“We will continue this growth by raising funds to open more stores in this country, increase our retail flakes production capacity, and start expanding internationally.
“Our first store outside the UK opens in Dubai next month, and we have big plans for rest of the world.
“We have listened to our customers and have directed a significant portion of our EIS fundraise via Crowdcube to allow as many people as possible to become Knoops owners.”
Revenue continues to climb
Since the end of its financial year, sales at Knoops have rise on a like-for-like basis by 15 per cent.
Its cold chocolate drinks category has also grown by 17 per cent and its non-store retail division surged by 62 per cent.
Knoops was founded by Jens Knoop in Rye, Sussex, in 2013.