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One of the UK's most famous and historic chocolatiers, which is said to have inspired Roald Dahl's Charlie and the Chocolate Factory, has closed its doors for good after 124 years. Prestat, the luxury chocolatier founded in 1902, has shut its historic Piccadilly shop in central London following mounting financial pressure caused by poor sales and soaring cocoa prices. The closure comes as part of a prepack administration deal that will see the brand taken over by chocolate maker L'Artisan du Chocolat.

The agreement was reached before administrators were formally appointed and involves the sale of Prestat for a nominal sum to L'Artisan du Chocolat, which is owned by Polus Capital Management. Under the deal, Prestat is expected to continue as an online-only brand.

Around 100 jobs are understood to be affected, although it remains unclear how many roles will ultimately be lost, the FT reported.

The chocolate shop was founded by French chocolatier Antoine Dufour, whose family is said to have invented the chocolate truffle in 1895. Prestat became one of the country's most celebrated confectioners. The company held two Royal Warrants and counted the Royal Family, including Princess Diana, among some of its most famous customers. In 2003, The Economist magazine even named Prestat as one of the top three chocolate shops in the world.

The Piccadilly shop inspired Roald Dahl, who referenced Prestat's truffles in his novel My Uncle Oswald. The store, which was one of the few to continue making its own chocolates, is also said to have inspired the fantastical sweet shop in Charlie and the Chocolate Factory.

In recent years, much of the chocolate industry has struggled with global cocoa prices surging to record highs in 2024 and cocoa crops being hit by disease and extreme weather, with flooding and droughts in key producing countries, including Ghana and the Ivory Coast, which make up about 60% of the world's production.

The company also reportedly faced difficulties after attempting to expand its market using premium cocoa varieties such as Criollo, leaving it vulnerable to cheaper competitors.

Prestat was acquired by the Illy family in 2019 as part of a move to diversify beyond coffee, but the business increasingly relied on financial support from its parent company. In 2024, Prestat lost over €2 million (£1.7 million) on revenues of €8 million (£6.9 million).

The sale to L'Artisan du Chocolat will also include Prestat's subsidiary brands, including Rococo Chocolates and Marasu's Petit Fours, suppliers to major retailers such as Harrods, Fortnum & Mason and Pret A Manger. While the Piccadilly store has now closed, Rococo's Marylebone shop is expected to remain open.