Sweet Cred Gang strikes £5m deal
The novelty confectionery business has landed a mouth watering deal
Sweet Cred, the novelty confectionery company, has received a mouth watering £5m to help the business grow.
The company has received the backing of Octopus Investment, which was introduced to the business by Acanthus, the London-based corporate finance firm.
Sweet Cred, based in Sidcup, Kent, sells sweets combined with toys that are themed around the five cartoon characters in the Sweet Cred gang.
The business was established in 2004 by Clive Garrad, who founded the Red Devil energy drink company which he sold to Britvic in 2003, other members of the senior management team were also at the previous company.
The Sweet Cred range is already being sold through distribution partners in Europe, the United States and the Middle East and through wholesalers and retailers in the UK.
Garrad said: “We have received considerable global interest in our products and the time has come for us to really scale up the business.
“In selecting a partner to help us fund this expansion we were looking for a team that brought more than just capital to the party.
“Octopus understands brand building companies and therefore knows what a company like Sweet Cred needs at this stage.
Alistair Brew from Octopus will join the company’s board as will Steven Joseph who is currently the chairman of Tangerine Confectionery.
Also joining the board as a non-executive director is Harry Drnec, formerly the managing director of Redbull.
© Crimson Business Ltd. 2007