The new owner of UK gourmet sweet retailer SugarSin is planning to launch franchises in three major international cities by 2023.
Based in London’s Covent Garden, the company says it is planning to open a second store in the capital’s Westfield White City by 2021 and launch franchises in the US, Middle East and Far East by 2023.
Former accountant Jiten Shah acquired SugarSin for £475,000 ($586,000) this summer with the help of a £500,000 ($617,000) finance package from Lloyds Bank.
Under the new ownership, plans are in place to grow the business’s revenue by at least 20% to £1.4m ($1.7m) 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 £230m ($284m) 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.”