Knoops launches fundraise amid 110% FY revenue increase
The proceeds will allow Knoops to add to its 21 stores in the UK, expand its retail, wholesale and online business, and establish an international presence
Knoops is ring-fencing at least £1m in a campaign via Crowdcube to allow its customers to join existing investors in a wider £5m EIS fundraise as the company sees revenue increase in FY24.
The proceeds will allow Knoops to add to its 21 stores in the UK, expand its retail, wholesale and online business, and establish an international presence.
Thanks to the fundraise, the company will also upgrade its chocolate flake production capacity by a factor of eight to meet demand for its retail division, which is the fastest-growing part of the business.
In addition, the funds will also help to fuel Knoops’ plans for international expansion, with its first non-UK store opening in Dubai in October.
The announcement comes as the group saw a 110% increase in revenue to £9.3m, or 29% on a LFL basis, for the financial year ended 31 March 2024. Store revenue was up 106% or 17% LFL across all categories, while chocolate drinks revenue up 20% LFL.
Operating EBITDA for the company was up 264%, or 131% on a LFL basis, to £979,264.
The company also expanded its store estate to 17 with 7 new stores added in the year.
Since the period ended, LFL revenue went up by 15% with the cold chocolate drinks category growing by 17% as the iced chocolate and milkshake range were fully embedded in the menu.
Recently, Knoops 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.
William Gordon-Harris, CEO of Knoops, 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 the 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.”