After entering administration earlier this month, UK-based vegan chocolate brand LoveRaw has been acquired by Smart Organic AD, a Bulgarian producer and distributor of organic plant-based foods.
Launched in 2013, LoveRaw offers a variety of products, including Cre&m Wafer Bars, Peanut Butter Cups, and Nutty Choc Balls. The brand is available UK-wide at major retailers such as Tesco, Asda, Waitrose, Ocado, Co-op, and Whole Foods Market. At its height, LoveRaw’s products were sold at 13,000 retail outlets across 25 countries, generating revenues of £3 million.
However, the company faced investment and supplier challenges, leading to operational disruption and a rapid revenue decline. Consequently, Jimmy Saunders and Mike Lennon were appointed joint administrators on April 16. The company was soon acquired by Bettr Food Limited, a subsidiary of the Smart Organics Group, through an accelerated M&A process.
“Whilst the vegan food space continues to be competitive, we expect the LoveRaw brand and products to be a great success with the investment and in-house manufacturing capabilities which the Smart Organics Group brings,” said Saunders.
“Strong brand identity”
Despite its financial challenges, LoveRaw retains a strong market presence and dedicated customer base, which Smart Organic plans to maintain and develop. Just last year, LoveRaw was named one of Europe’s fastest-growing companies in the FT 1000, an annual ranking by the Financial Times.
The new owner will integrate LoveRaw’s production into its state-of-the-art facility in Bozhurishte, Bulgaria, which is expected to improve efficiency. According to Smart Organic, this integration could enable the expansion of LoveRaw’s product portfolio and facilitate entry into new markets. The company aims to achieve medium-term revenues of £6 million to £9 million from LoveRaw-branded products, alongside additional income from private labels in the region.
“We are thrilled to welcome LoveRaw into the Smart Organic family,” said Yani Dragov, CEO of Smart Organic AD. “This acquisition aligns perfectly with our vision to offer delicious, health-conscious products that meet the evolving needs of consumers. LoveRaw’s innovative approach and strong brand identity complement our existing portfolio, and we are excited to support its growth and expansion in the UK and beyond.”
