Established in 2013 by entrepreneurs Manav and Rimi Thapar, LoveRaw produces dairy-free chocolates that contain no palm oil or artificial ingredients.
At the height of its success, the company’s products were sold through 13,000 retail outlets across 25 countries and generated revenues of £3 million. LoveRaw was also listed on the Financial Times’ FT 1,000 list of Europe’s fastest-growing companies.
However, investment and supplier challenges led to operational disruption and a rapid decline in revenues, which ultimately led to the business appointing Jimmy Saunders and Mike Lennon of KR8 Advisory as joint administrators on 16 April 2025.
Integrating the business
LoveRaw and its business assets were successfully sold to Smart Organic subsidiary Bettr Food. Production is currently being integrated into Smart Organic’s new facility in Bozhurishte, Bulgaria, leveraging existing infrastructure to enhance efficiency and product innovation.
Yani Dragov, CEO of Smart Organic AD, said: “We are thrilled to welcome LoveRaw into the Smart Organic family. This acquisition aligns perfectly with our vision to offer delicious, health-conscious products that meet the evolving needs of consumers.
“LoveRaw’s innovative approach and strong brand identity complement our existing portfolio, and we are excited to support its growth and expansion in the UK and beyond.
Revenue predictions
Smart Organic aims to achieve medium-term revenues of £6 million to £9 million from LoveRaw-branded products as it expands the vegan chocolate brand’s product portfolio and facilitates its entry into new markets.
On behalf of LoveRaw, Jimmy Saunders said: “Whilst the vegan food space continues to be competitive, we expect the LoveRaw brand and products to be a great success with the investment and in-house manufacturing capabilities which the Smart Organics Group brings.”
Founded in 2009 in Sofia, Bulgaria, Smart Organic boasts a portfolio of more than 1,300 products across brands like Bett’r, Naughty Nuts, Roobar, Dragon Superfoods and Kookie Cat. The company Bulgarian Stock Exchange with a current market capitalization more than €150 million (£127.6 million).
Meanwhile, Valeo Foods Group has acquired Italian sweet bakery producer Freddi Dolciaria for an undisclosed fee.
