1 day Ago
Scrumdiddly's recently emerged from the Scarp process. The Irish ice-cream chain Scrumdiddly’s has been bought by the private equity firm KnightBridge, adding to its recent acquisition of the healthy-food chain Freshly Chopped. Earlier this year Scrumdiddly’s emerged from Scarp, a rescue scheme for small companies that find themselves in debt.
A legal objection to the rescue plan was lodged by the company’s landlord, but later withdrawn, and the rescue plan was finally approved by the courts last week. Founded by Jennifer Kane and Darren McCormack, Scrumdiddly’s opened its first store in Donabate in north Dublin in 2012. It now has five locations, including its best-known store in Dun Laoghaire, and an outlet in Kilkenny.
It employs about 35 staff. At one point the ice-cream maker invested heavily in pop-up stores in five branches of Penney’s. Under the terms of the takeover by KnightBridge, the founders of Scrumdiddly’s will retain a minority shareholding and continue to contribute to the brand’s evolution, according to an announcement.
There are plans to open four new locations over the next three months. Kent Lim, Group CEO of KnightBridge, has been appointed chief executive of Scrumdiddly’s. “This is a premium Irish brand with a loyal following, and we’re ready to bring it to new heights,” he said.
“With the success of our five existing stores, it’s time to unleash the full potential of Scrumdiddly’s through nationwide and international expansion. “Under KnightBridge’s ownership, we are committed to maintaining its charm and quality while evolving the business with franchising, bespoke in-store outlets, and creative ventures like outside catering.” KnightBridge said its vision for the chain goes beyond growth, and that there will be a focus on enhancing production capabilities and operational efficiency, while building a “scalable and attractive” franchising model.
It is eyeing expansion into markets in the UK, Dubai, Singapore, and Malaysia; “markets where Kent Lim, who hails from Malaysia, has strong connections and industry expertise”. Jonathan Parkhill, a senior partner at KnightBridge Hospitality, has been appointed the Group Managing Director, overseeing day-to-day operations and leading its growth strategy. Órán Ó Caoláin, a long-time business associate of Kent Lim’s, is taking the role of chief operating officer.
KnightBridge said its hospitality division has entered an active acquisition phase, and is determined to partner with strong indigenous brands and unlock their growth potential. In June it bought Chopped, also founded in 2012, and which has about 60 outlets in Ireland, the UK, Cyprus and the Netherlands. Under the terms of that deal, KnightBridge retained the existing senior management and head-office teams.
Brian Lee, the co-founder of Chopped, stepped down as chief executive and moved into an adviser position, while continuing to hold a minority shareholding in the new structure. The directors of Scrumdiddly’s, who live in north Dublin, have said they initially launched the business to give Ms Kane a new focus as she recovered from breast cancer. She had been diagnosed at the age of 31, at a time when she and Mr McCormack had three children under the age of six.
Ms Kane had been a personal assistant to a surgeon in Beaumont Hospital, while her husband had run a kitchen-making business. Join the Irish Independent WhatsApp channel Stay up to date with all the latest news.
