Our new website is coming soon, give it a try now and let us have your feedback. Take me to the Beta

Email Facebook Twitter

TSX Lithium explorer International Lithium Corp prepares to drill at Raleigh Lake
Exclusive: Hardman & Co Investor Forum - Severn Trent, Calculus Capital, Volta Finance, Residential

Finance & Stock Market News

Italian food group Illy buys British truffle maker Prestat

Fri, 15th Mar 2019 18:32

MILAN, March 15 (Reuters) - Italy's Illy Group has agreed to buy Buckingham Palace's chocolate truffle supplier Prestat as it expands its portfolio of premium brands and grows abroad.

Illy did not disclose the financial terms for the acquisition of the chocolate maker, which was founded in 1902 by pastry chef Louis Dufour who created the first chocolate truffles in 1895.

The Illy family, owner of one of Italy's most renowned coffee brands illycaffe, has diversified into premium chocolate, tea and wine brands.

The group plans to further expand its non-coffee ventures and list them separately in the medium term, Chairman Riccardo Illy told Reuters last year.

Illy said that Prestat, which posted revenues of 7 million pounds last year, could partner with premium chocolate brand Domori, which it bought in 2006.

Domori will provide rare Criollo cocoa to Prestat, while Illy will help the confectioner expand its brand, Prestat co-owner Bill Keeling said in a statement.

Illy Group also owns wine company Matrojanni and stakes in French tea maker Dammann Freres, and jam maker Agrimontana. ($1 = 0.7529 pounds) (Reporting by Francesca Landini; Editing by Kirsten Donovan)

(c) Copyright Thomson Reuters 2019. Click For Restrictions - https://agency.reuters.com/en/copyright.html

Back to Finance News

Share Price, Share Chat, Stock Market news at lse.co.uk
FREE Member Services
- Setup a personalised Watchlist and Virtual Portfolio.
- Gain access to LIVE real-time Regulatory News (RNS).
- View more Trades, Directors' Deals, and Broker Ratings.
Share Price, Share Chat, Stock Market news at lse.co.uk

Home  |  Contact Us  |  About Us  |  Advertise with Us  |  Sitemap  |  Terms & Conditions  |  Cookies  |  Privacy  |  Mobile Site  |  About this website design

Datafeed and UK data supplied by NBTrader and Digital Look. While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.