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Octopus - Sweet Cred
Octopus backs Sweet Cred on £5m expansion funding
Octopus Investments has provided £5 million in growth capital financing to Sweet Cred, a confectionary business based in Sidcup, Kent.
Sweet Cred sell sweets combined with toys that are themed around the 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. The Sweet Cred range is sold through distribution partners in Europe, USA, Middle East and through wholesalers and retailers in the UK.
The team at Adam Street Advisers had previously worked on a separate transaction with Mr Garrad’s business partner who subsequently introduced Clive to our team.
Clive Garrad said “ I was absolutely delighted working with the professional team … who maintained continuous commitment throughout the process.”
Andrew Barnsley, Managing Partner of Adam Street Advisers, who acted for Sweet Cred commented “This transaction represents an important stage in Sweet Cred’s development following its rapid growth into both UK and international retail chains.“
Octopus has come in as partner to finance working capital growth and to assist with the strategic development of the business.
Alistair Brew from Octopus will join the company’s board together with Steven Joseph who is Chairman of Tangerine Confectionary and Harry Drnec the former managing director of Redbull.