Historic British chocolatier Elizabeth Shaw has been acquired by Polish confectionery group Colian Holding.

The entirety of the Bristol based firm has been sold for a reported £2.25m to Colian by its former owner Norwegian fund Imagine Capital.

Founded in England in 1881, Elizabeth Shaw produces premium-end chocolate products sold across UK supermarkets, including its Mint Crisp and Famous Names liqueurs.

Karen Crawford, Elizabeth Shaw managing director said today: “Colian has a wealth of experience in the confectionery market and ambitious growth plans. The acquisition of Elizabeth Shaw brings a well-respected quality brand with English heritage into the Colian portfolio. I am delighted and excited to be working with them on the next phase of Elizabeth Shaw’s expansion.”

Polish media reported that the deal has seen £1.75m handed over immediately to complete the acquisition, with the balance to follow in 18 months.

Colian operates within three business divisions of confectionery, culinary products (spices and seasonings, nuts and dried fruit) and beverages.

Its product portfolio is primarily centred on brands within its domestic market, but it currently exports to over 60 countries worldwide.

Colian, which is listed on the Warsaw stock exchange, said a key strategic priority was to develop overseas markets, including through acquisitions.

Elizabeth Shaw was bought by Imagine Capital in 2009, having previously been held by Icelandic confectionery group Noi Sirius which sold the firm as the financial crisis hit Iceland.

Elizabeth Shaw’s most recent annual accounts were posted last week which, which revealed a 7.2% drop in revenues to £6.1m from £6.6m in the year to 3 January.

The accounts said this sales fall “unwound the progress made in 2014” and was primarily a result of the “unprecedented volatility” in the UK grocery market which has led to category price deflation.

The accounts also blamed “poor” export performance and the decision to delay a brand relaunch until 2016. However, it said continued strategic focus on the convenience sector and diversifying sales across other channels had led to “outstanding” growth in the second half of the year.

Gross profit fell 3.3% to £1.7m, though gross margin was up to 29%. Pre-tax profit dropped 17.4% to £142,000 during the year.

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