Confectioner Hotel Chocolat has found a novel
way to raise money. It will sell “chocolate bonds” to
its most loyal customers as part of plans to raise £5
million to fund expansion. There will be two values of Chocolate
Bond available-£2,000 and £4,000. Instead of paying
interest in cash, bondholders will receive six (or 13 for the
£4,000 bond) free boxes of chocolate a year worth
£107.70-equivalent to a 5.38 percent return. Hotel Chocolat
says customers can get their money out in full after the minimum
three-year period. Cofounder Angus Thirlwell told the Times: “We would rather pay interest to
our customers than a bank. Many who have money sitting in the
bank getting a low interest rate may prefer to be paid in
chocolate.”
The coalition government is to press ahead with plans to
part-privatise Royal Mail despite the omission
of the bill from a draft of the Queen’s Speech leaked over the
weekend. According to the Financial Times, the Communication Workers
Union will pass a motion this morning dedicated to rejecting the
move and will begin campaigning against it.
Fat Face has reshuffled its senior management
team. Becky Bateman, head of retail for Topshop and Topman joins
the business next month as retail director; Toby Bowhill is
promoted to brand director; Dan Miles becomes ecommerce and
communications director and Shaun Wills continues as finance
director with added responsibility for IT and property. Product
architect Lisa Illis and home shopping director Kristine Kirby
have left the business.
The Telegraph speaks to Sir Phillip Green about
the new Topshop opposite Harrods and his
partnership with Simon Cowell.
Marks & Spencer should do a deal with
Ocado to become full-range supermarket-that’s
the view of the City according to the Guardian. According to the
article, retail analysts have also called on new chief exec Marc
Bolland to launch a £700 million rights issue to “cut
M&S’s £2 billion debt pile and fund investment”.
The lib-con coalition has signalled the formation of a new
demographic-The Cleggeron. The Times has published a guide to help readers
identify whether they are Cleggerons. Among the tell-tale signs
are a penchant for organic groceries purveyor Abel &
Cole, Amazon (“a Cleggeron buys
everything on Amazon, not eBay”), for the
men it’s TM Lewin (“bought in bulk in the
sale”) and for the kids it’s Jack Wills,
Gap, H&M and La
Redoute, “Basically, it’s ABB (Anything But
Boden).”
New York-based private investment firm Clearlake Capital Group
has sold Buy.com to Japanese online shopping
mall business Rakuten. The all-cash deal values
Buy.com at approximately $250 million (£172.8
million).
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