INTERNATIONAL GROWTH BECKONS FOR WEST END SWEET SHOP
The new owner of a gourmet sweet retailer based in London’s Covent Garden is planning to open a second store in Westfield White City by 2021 and launch franchises in three major international cities by 2023, with support from Lloyds Bank Commercial Banking.
Former accountant Jiten Shah acquired SugarSin for £475,000 last summer with the help of a £500,000 finance package from Lloyds Bank. The loan formed part of the bank’s pledge to lend up to £2.6 billion to London businesses last year.
Under the new ownership, plans are in place to grow the business’s revenue by at least 20 per cent to £1.4 million in the next 12 months through domestic and international growth.
Plans include a new export strategy – building on current international sales in Canada, Australia, New Zealand and Spain – in addition to securing new UK stockists for its luxury confectionery, which is sold by major UK retailers including Boots, Clintons, Debenhams and Selfridges.
The company has already begun talks with potential distribution partners in the US, Europe, Middle East and Asia. Meanwhile, the firm is reviewing locations in the US, Middle East and Far East for its new franchises.
Jiten Shah, owner of SugarSin, said: “UK exports of confectionery products have grown by nearly five per cent in the last year, reaching almost £230 million in value.*
“SugarSin has developed a cult following in the UK and there’s a clear opportunity to boost the company’s global profile via franchisees in major international cities and through distribution. It’s for these reasons that this business made such an appetising prospect for acquisition. It’s been invaluable to have the team at Lloyds Bank by our side.”
Guv Sehmi, business development manager at Lloyds Bank Commercial Banking, said: “Backing entrepreneurs with big ambitions, particularly those ready to capitalise on the strong faith in British goods from overseas, is paramount to our commitment to helping Britain prosper.”
“Jiten is primed to take SugarSin’s exports to the next level. The shop in Covent Garden has become a destination for Londoners, tourists and loyal theatre goers with a sweet tooth. Its success here in London can no doubt be replicated in major cities all over the world.”
*According to data from HMRC
