Pistachio Holdings increases stake in Creams

Creams’ majority shareholder, Pistachio Holdings, and co-investor, Salonica Maroon, have acquired a further shareholding from the brand’s founders, Adam Mani and Balal Aqil.

Consequently, the founders will move away from the business’s day-to-day operations to focus their experience in key strategic areas.

Adam Mani steps down as CEO to assume the role of Chief Innovation Officer. Adam has been instrumental in developing Creams as an immersive and market-leading brand, and will put all his focus on innovation across the Creams value proposition, from guest experience to new product development. Balal Aqil will step down form the Board of Directors and become an Advisor.

Othman Shoukat joined Creams as Managing Director at the outset of the Covid-19 pandemic and has successfully managed the business since March 2020, effectively pivoting it towards delivery and driving business growth through like-for-like improvements and new store openings.

He will continue to lead the business and will be supported by Christian Chaumette, recently appointed as COO, alongside other members of the senior leadership team.

Since Pistachio Holdings and Salonica Maroon LP’s investment in December 2020, the new investors have focused on building a stronger organisational structure, enhancing ESG across the brand and promoting sustainable growth using technological tools which will be rolled out in the coming months.

Since the pandemic, Creams has opened more than 10 new restaurants and secured a pipeline of a further 15 sites opening in the next six months. Its focus on quality and innovation was recognised in 2021 with several awards including ‘Best Innovation’ at the Best Business Awards 2021, ‘Best Brand Partner’ at the Menu Innovation and Development Awards (Midas) and ‘Best Family Restaurant’ at the Deliveroo Restaurant Awards in October.

Othman remarked, “It’s exciting times ahead for Creams. As well as further growth in the UK, we are committed to international expansion with our franchisees. We signed our first overseas partner to open 22 stores in Egypt over the next five years and are seeking partners for new territories.”

Adam noted, 'Creams have always been at the forefront of guest experience and product innovation and the realignment of roles, and the strengthened leadership team, means an enhanced focus on this. Othman and the senior leadership team have done exceptionally well and will drive us closer to realising our aspiration of becoming the market-leading global dessert brand.”

Creams, knowns for its flamboyant desserts, was founded in 2008. The brand employs more than 1,400 employees and works with a variety of franchise partners, empowering them to provide a high quality, distinctive customer proposition in an exciting and fast-growing market.

Customers can enjoy a wide 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 which is produced daily in East London. Creams was recognised as one of the top ten most loved Eating Out brands in the UK in 2019, 2020 and 2021 by Savanta Research.