A business group which rescued upmarket chocolatier Montezuma from collapse has said it is looking to continue on its acquisition spree – noting that the current tough trading climate is “feeding time” for stronger players in the market.
“In recent years, there have been so many distressed businesses that we have been able to pick the ones that fit in with the profile of the group. It is kind of feeding time,” Paul Taylor, chairman of Paramount Retail told The Times.
The business, which is owned by brothers Ravi and Sunny Sharma, bought Montezuma for around £1m after it filed for administration a few weeks ago.
Montezuma, which trades in the likes of Waitrose and John Lewis, was said to be struggling after it was hit with high operational costs.
As part of the deal, owners , Helen and Simon Pattinson will continue to head the business.
It is not the company’s first foray into the world of confectionery with Paramount Retail acquiring Bristows of Devon in 2017 and Crawford & Tilley in 2018 – they since have brought the two together, to be known as the Great British Confectionery Group.
Paramount also bought a number of pet accessories businesses and told the outlet that it was looking at ramping up its acquisitions before it takes its company public.
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Over the past few months other more costly retailers such as Planet Organic have found themselves on the brink of collapse.
In April the natural grocery store was bought back from administration, following news earlier this year that it was eyeing a sale of the brand.
Helen Pattinson said: “We’re delighted to be part of the Paramount family and feel that this is such an exciting time for the business.
“We can’t wait to see what the future holds and are looking forward to sharing more delicious chocolate with you very soon.’’
City A.M has contacted Paramount Retail for a comment.