Quids in for chocolate money maker in mbo
Right Angle Marketing director John Haken bought the business from fellow directors and founders Steve and Hilary Angle for a reported seven-figure sum.
Haken will own 90% of the business and assume the role of md, with Steven Angle remaining as executive chairman for the next four years.
The handover of the business is expected to complete in the next five years.
Haken said: “Steve and Hilary have established a highly reputable stable of brands, developed specifically for this sector, and have created a fantastic foundation from which to grow the business in the coming years.
‘Developing the portfolio of products’
“I am looking forward to growing and developing the business with a great team and great customers, further extending and developing the portfolio of products that we are so well known for within the retail sector.”
Steve Angle said Haken was the right man for the business and would “continue the journey we started over 15 years ago”.
“I wanted to remain involved on a day-to-day basis and help John as he steps into a new role as md,” said Angle.
“In many ways it will be business as usual, as I will remain with the business for at least four years.”
Legal firm Clarion – which advised to Haken – partner Jonathan Simms said Right Angle Marketing’s brands were “growing in reputation and sales” and were creating opportunities with its “experience in niche and seasonal products”.
‘Huge opportunity’
“It gives them huge opportunity to continue to expand their range and grow the business with a new owner but with the continued involvement of the founder, which is an ideal scenario,” said Simms.
Founded in 2001 by Steve and Hilary Angle, the Pocklington, York-based firm specialises in marketing and selling biscuits and confectionery.
In addition to making chocolate money in an exclusive deal with the Bank of England, it sold up 5M tins of biscuits a year.
Its range of chocolate coins are available nationwide through Harrods, Waitrose and Aldi.
A brief history of chocolate money
Giving chocolate coins was thought to be started by the deeds of Saint Nicholas, the bishop of Myra in Lycia, which is now considered Turkey.
One night he climbed on a roof and threw a purse of money down a chimney, which landed in a pair of stockings that a little girl had hung up to dry. Every year Saint Nicholas would keep giving coins or money to the children of Myra.
American chocolatiers of the 20th century picked up on the gift/coin concept by creating chocolate gelt (gold).
In the 1920s, American confectionery company Loft produced the first chocolate gelt wrapped in gold or silver foil in mesh pouches resembling money bags.
Source: Wikipedia
