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Sun 20th Dec 2020 - Pistachio Holdings acquires majority stake in Creams
Pistachio Holdings acquires majority stake in Creams: Pistachio Holdings has acquired a majority stake in Creams, the 93-strong dessert parlour operator. Creams founders Adam Mani and Balal Aqil will remain fully involved in the business and will be supported by incoming director and investor, Ankush Shah, of Pistachio Holdings. Shah is managing director at Sumaria Group, a family-owned investment holding company operating primarily in eastern Africa, and is chairman of Doughworks, the KFC and Pizza Hut franchisee in Tanzania. He will be supporting the senior team in “taking the business to the next level”, driving its ambitions for international and further UK expansion while enhancing Cream’s manufacturing capabilities. Despite the challenges faced due to covid-19, Creams has successfully pivoted its business through the introduction of a “seamless” online experience for delivery and click and collect. In October, the group reported a record-breaking October with sales of more than £4m across the estate. The brand has also opened three new stores since March 2020 with another five to six planned for the first quarter of 2021. Mani said: “The Creams brand, amidst the pandemic, has maintained strong sales and growth. Product innovation, effective supply chain management and the hard work and passion of our internal team and franchisees have stood us in good stead and this new partnership is an exciting one for Creams. This strategic investment from Pistachio Holdings will help drive our future growth aspirations including growing the business internationally and increasing our manufacturing capabilities, areas in which they can really add value”. Creams was founded in 2008 by Aqil and Mani. The brand employs more than 1,400 people and works with a variety of franchise partners across the UK. Customers can enjoy a range of freshly prepared desserts ranging from waffles and crêpes to puddings and sundaes. All desserts, many of which can be made vegan, feature Creams’ own premium gelato that is produced daily in east London.


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