New owner behind gourmet sweet stockist in Covent Garden eyes international growth

The new owner of a Covent Garden gourmet sweet retailer is planning to open a second store in Westfield White City by 2021.

In conjunction with this move, it is also aiming to open franchises in three international cities by 2023 with support from Lloyds Bank Commercial Banking.

Former accountant Jiten Shah acquired SugarSin for £475k this summer with the help of a £500k finance package from Lloyds Bank. The loan forms part of the bank’s pledge to lend up to £2.6bn to London businesses during this year alone.

Under the new ownership, plans are in place to grow SugarSin’s revenue by at least 20 per cent to £1.4m in the next year through domestic and international growth.

Plans include a new export strategy - which could build on current international sales in Canada, Australia, New Zealand and Spain - in addition to securing new UK stockists for its confectionery.

Ben Callaway, Jiten Shah and Guv Sehmi.

The company has also begun talks with potential distribution partners in the US, Europe, Middle East and Asia. Meanwhile, the firm is reviewing its locations in the US and the Middle East.

Guv Sehmi, business development manager at Lloyds Bank Commercial Banking, added: “Backing entrepreneurs with big ambitions, particularly those ready to capitalise on the strong faith in British goods from overseas, is paramount to our commitment to helping Britain prosper.”

SugarSin is stocked in major UK retailers including Boots, Clintons, Debenhams and Selfridges.

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