Mars buys chocolate maker and retailer Hotel Chocolat for £534m

Hotel Chocolat chief executive said he had taken the company as far as he could as a small independent player

Hotel Chocolat chief executive Angus Thirlwell and co-founder Peter Harris, who both own 27% of the shares, have said they will accept the offer, meaning the deal will earn them about £144m each.

Britain's Hotel Chocolat has agreed to a £534m (€610m) takeover offer from Mars, as the chocolate maker and retailer succumbs to the US food giant to help it grow internationally, netting its founders a tidy profit.

"We think that this is a knock-out bid," analysts at broker Peel Hunt said, adding they were not expecting any counterbid.