Metcalfe and fellow new board member Alice Avis have both invested in the premium drinking chocolate and coffee chain, which has secured Enterprise Investment Scheme (EIS) approval for a £5m ($6.4m) fundraising round to drive its international expansion plans
Julian Metcalfe (left) and a sample of Knoops’ drinking chocolate range (right) | Photo credit: Knoops
UK-based premium drinking chocolate and coffee chain Knoops has appointed Pret A Manger and itsu founder Julian Metcalfe and former Sanctuary Spa CEO Alice Avis as Non-Executive Directors.
In a press release, Knoops said both Metcalfe and Avis have invested in the business and will add valuable expertise to its leadership team as it seeks to scale its 20-store UK estate and ‘execute international ambitions’ over the next 10 years.
In March 2024, Knoops agreed its first international partnership to open stores in the Middle East and expects to open an outlet in Dubai, UAE, later this year. The premium drinking chocolate and coffee chain is also in negotiations to open stores in the US and China.
“The reality of Knoops being a leading global brand is one step closer with Julian and Alice joining the Board and investing in the business. Their belief in the scale and scope of our chocolate drinks offering and the ability of Knoops to lead this unique category is a fantastic endorsement. We are building upon our world-class team to realise our ambitions,” said William Gordon-Harris, CEO, Knoops.
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Metcalfe founded Pret a Manger alongside Sinclair Beecham in 1986 and sold the business for £1.5bn ($2bn) in May 2018 to Luxembourg-based investment firm JAB Holding Company. In 1997, Metcalfe founded East Asian-inspired fast-food chain itsu and currently holds a 54% stake in the 83-store business.
“Knoops, like itsu, is a pioneering confident brand with a sense of purpose and a passion for quality. They don’t come around that often and I applaud their leadership and vision. I am hugely excited to be part of this story,” he said.
Avis served as CEO and Chair of beauty business Sanctuary Spa Group from 2005-2009 and has also held senior roles at Cutler and Gross, Marks & Spencer and Diageo’s Johnnie Walker. She currently holds Non-Executive Director positions at beauty technology firm CyDen, growth capital investor BGF and premium student accommodation letting agency Empiric Student Property plc.
“I have long seen the broad appeal and potential of this brand and am delighted to be taking this one step further by joining as a NED,” Avis added.
Alongside the appointments, Knoops also announced that it has secured EIS approval for a £5m ($6.4m) fundraising round, which will be led by Lush co-founder and former Hotel Chocolat chairman Andrew Gerrie.
Knoops said Gerrie has significant experience in taking businesses global, having expanded British cosmetics retailer Lush into Asia and the US.
“Knoops is a fantastic brand that is creating its own category with enormous global potential. I look forward to supporting William and the team in delivering Knoops’ ambitious global growth plan as part of a long-term relationship with the business,” Gerrie said.
In November 2023, Knoops raised £8.3m ($10.4m) to scale its UK presence, further develop its app and expand its at-home product range.