Premium chocolate brand Koko Black will emerge out of voluntary administration with a new owner, after the founder of the Grill’d burger chain, Simon Crowe, bought the brand.
Administrators Deloitte confirmed to SmartCompany this morning Koko Black has been bought out of administration by a company owned by Crowe.
A spokesperson for Deloitte said the settlement of the sale is still being finalised and therefore the administrators “cannot comment further on specific details at this time”. However, the administrators did confirm that no Koko Black outlets were closed during the voluntary administration process.
Fairfax reports Koko Black employees were told of the sale this week, with the administrators indicating in a letter to employees that the majority of Koko Black’s 14 stores are expected to be included in the sale, saying it is likely “only two or three salons will not be transferred to the new owners”.
The company’s 300 employees are also expected to continue on with the business, with staff to be offered employment under the new ownership structure later this month.
Deloitte has reportedly told employees work is underway on a “transition plan” for the business to come out of voluntary…
