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Sweet China raises £2.7m

Companies: SWC   
17/03/2008

As foreshadowed by Growth Company Investor, Chinese chocolate-maker Sweet China returns to AIM on Thursday after raising £2.7 million at 9p.

Helped by Zimmerman Adams and broker Hichens Harrison, the company has returned to the junior market after clinching its £4.3 million acquisition of Ian Walker’s now-restructured Essential Box, which supplies both the burgeoning Chinese market and upmarket western markets with popular brands. Chris Cleverly, the barrister, media man and entrepreneur who runs Sweet China, has spoken of following this by buying the ‘state-of-the-art’ Chinese factory where the chocolates are made – with another £2 million funding – and then a possible £50 million tie-up with a major Chinese confectioner.

Floated as a shell three years ago and suspended in 2006, the company and its broker found it hard going raising the money in today’s nervous market say advisers. Its long-term potential should be bright, provided it can weather the current market frost.

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