Chocolate brand Rococo changes hands

It’s the second time the King’s Road, London-based firm - founded in 1983 by Chantal Coady - has collapsed in the space of three years. According to The Grocer, the business struggled to cope during the pandemic despite a significant increase in online sales throughout lockdown. 

The repayment requirements associated with a £1m government loan through the Covid business interruption programme put further pressure on working capital in 2022. According to the Mail on Sunday, the loan was taken out in May last year through a subsidiary of lender Cyan Finance - which is one of Rococo’s biggest secured creditors.

Off the back of this, the business engaged BTG Advisory - part of Begbies Traynor - in April to carry out an accelerated sales process. This concluded on 9 June when Begbies was appointed as its administrator and the business was sold in a pre-pack deal to Prestat Group for £100,000.

The group has purchased the business and its assets, which includes three high-end shops in Marylebone, Belgravia and Chelsea, as well as its direct-to-consumer operations.

Commenting on the news, Prestat chief executive Micaela Illy said: “The Rococo brand has great momentum and last year achieved record sales of nearly £4m, having grown by more than 30% over the last two years.

“The business’s exciting new product range and its strong team under the leadership of my predecessor Rupert Morley has driven strong growth in both retail and online channels.

“Sadly, the pandemic was not kind to smaller retail brands and the investment market is very volatile at the moment, so we were very fortunate to be able to take advantage of these extraordinary times to acquire the brand and, with it, the opportunity to invest and build on the unique Rococo legacy built over the last 40 years.”