Italian chocolatier Ferrero has agreed to buy UK confectionary retailer Thorntons. The deal gives the family-owned group which includes the Kinder, Ferrero Rocher and Nutella brands a 29.9% stake in Thorntons, which saw its shares rise over 40% despite recent trading woes.
As part of the agreement, Ferrero has bought out Thorntons’ senior management including chairman Paul Wilkinson and chief executive Jonathan Hart and his family, as well as most of the shares owned by finance director Michael Killick.
Commenting on the offer, Giovanni Ferrero (CEO of Ferrero) said:
"Our business was founded nearly 60 years ago out of a passion for chocolate and with a commitment to quality. We delivered our best ever results in the UK in 2014, giving us confidence that now is the right time to broaden our roots in this important market.
“This transaction brings together two highly complementary businesses, but more importantly it unites two companies that share the same passion for growing brands, and a proud heritage, drive and culture built upon their family foundations.
“We have long admired Thortons and what they have achieved in the UK as demonstrated by their tremendous customer loyalty, and we look forward to working with their experienced team."
