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The Hotel Chocolat group already owns 47% of Rabot, while Mr Gerrie, who is also the group's non-executive chairman, owns 40.5%.

"The group is well placed to leverage the value of the Rabot inventory and to further develop the brand's intellectual property, which includes a range of high-quality beauty products which have attracted multiple awards and favourable customer reviews," Hotel Chocolat said.

The firm paid just £4 to take full control of Rabot 1745, which it set up five years ago in partnership with businessman Andrew Gerrie.

Rabot lost £400,000 last year but Hotel Chocolat says it can turn it around.

After it buys his stake in Rabot, Hotel Chocolat will pay back a £744,000 loan that Mr Gerrie provided to the beauty business.