Confectionery manufacturer Innovative Bites acquired Hancocks Holdings, the UK’s leading supplier of wholesale sweets, a second major acquisition for the Dunstable-based confectionery importer and wholesaler in the last 12 months.
In April 2016, Innovative Bites purchased Bonds of London, one of the UK's oldest confectionery businesses, and has since doubled its annual turnover.
The acquisition of Hancocks marks a major move for Innovative Bites and its largest acquisition to date. The combined group will boast a sales team of over 150, selling to over 40,000 customers and offering more than 7,000 confectionery products.
Founder and owner of Innovative Bites, Vishal Madhu, said: "Our acquisition of Hancocks aligns with our aspirations to significantly grow Innovative Bites' scale in the UK and across Europe. Our businesses are highly complementary and differentiated in our products, geography and approach, so we are hugely excited about our combined potential."
Mark Watson, Hancocks Chairman said that this was a great acquisition for both businesses. He commented: "Hancocks adds to IB a successful management team that have developed a strong product and customer base. Combine this with IB's American range and Bonds of London's flexible packaging facility, and it will be a unique proposition in the confectionery category."
Specializing in the wholesale of confectionery to independent retailers and other businesses, Hancocks offers in excess of 5,000 branded and own label products across 20 UK sites, stretching from Dundee to Portsmouth.