Knoops receives £6m funding to support international growth

Chocolate drinks specialist Knoops has received a £6m loan that will enable the group to consider overseas expansion.

In March, Knoops told The Caterer it was aiming to open more than 120 stores in the UK over the next five years in a bid to make the brand "the next Starbucks".

Jens Knoop, founder of the eponymous brand, opened his first shop in Rye in April 2013.

In 2019, Knoop was approached by investor and now executive chairman William Gordon-Harris, who devised an expansion plan for the business.

Knoops is due to open its 12th store in Notting Hill next month, having launched sites in Manchester and Knightsbridge earlier this year.

Gordon-Harris, chief executive of Knoops, said: "Knoops are delighted to confirm the placement of a £6m facility to enable the continued growth that has seen the business quadruple in size in the last two years.

"With the economic value of the business growing at such pace, it seemed logical and optimum to secure debt funding rather than issuing further equity at a fixed price. With our carefully selected current shareholders extremely supportive, we are able to remain very flexible in our approach to funding."

He added: "This debt funding aligns with our strategy to begin the international aspects of our ambition and follow our plan to create the new Starbucks for quality barista hot and cold chocolate drinks."