News and Announcements
Candy Club expands across 12 airports & casino resorts in the USA and secures USD $1M Revolving Credit Facility
- Published April 23, 2019 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Highlights
- Candy Club’s products are currently being sold in twelve additional airports and by a number of high-profile resorts and casinos in the USA.
- The Company is pleased to announce that it has secured a revolving financing line of up to USD $1 Million from CircleUp Credit Advisors, to support the Company’s current and future growth initiatives.
Candy Club Holdings Limited (ASX: CLB) (“Candy Club” or “Company”), a leading premium confectionary business, is pleased to advise the market that its products are now being sold in twelve additional airports and casino resorts across America.
The Company’s products are currently being sold by specialty retailer Lick in Los Angeles, NY La Guardia, Dallas and Charlotte airports, as well as a number of high-profile resorts and casinos in the USA.
According to the CIA World Factbook, Los Angeles International Airport was ranked third in airport operations, with over 316,000 flights, handling nearly 59 million domestic passengers and close to 24 million passengers on international flights in the fiscal year of 2017.
Keith Cohn, CEO of Candy Club stated that “the opportunity for Candy Club Holdings is very large and our partnership with Lick, a dynamic Candy retailer with outlets in high profile locations in airports and high traffic destination resorts throughout the United States, opens this market up for us”.
USD $1M Revolving Credit Facility: Secured
The Company is also pleased to announce that it has secured a revolving financing line of up to USD $1 Million from CircleUp Credit Advisors, to support the Company’s current and future growth initiatives. A division of CircleUp San-Francisco-based CircleUp Credit Advisors uses its consumer industry expertise to provide early-stage consumer businesses with the working capital financing they need to grow.
Keith Cohn, CEO of Candy Club remarked that “the financing line is a strong testament to our business, brand and to the team. The business is performing well, and it clearly shows that others are taking notice and are willing to back us”.
About Candy Club
Candy Club is a data-driven, e-commerce candy subscription business, operating in a blue ocean and a US$36B market (growing to US$44B by 2021).
The Company generated over US$9M in revenue in CY17 while improving unit economics. The business is now ready for further scale on the B2C side while significantly ramping up B2B operations.
The company has already achieved major marketplace validation both qualitatively and quantitatively with outperformance expected to continue into 2019 and beyond.
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