Founder of Thai ice cream brand, Hawell, is putting his business for sale at Bt 165 million (US$6.32 million) as he seeks to renounce worldly life and become a monk.
Siripong Akkarasriyuk, Chairman of Hawell’s (Thailand) Co Ltd, made the announcement that he is seeking a potential successor to take over the brand. Hawell’s was a familiar brand in the early 2000s with up to 22 branches before its decline, and now has only one stand-alone branch in the country.
However, Mr Sripong has developed a new expansion plan for Hawell with projected annual sales of nearly Bt 9 billion (US$269.8 million), but he wants the right person or company to carry out the plan.
Over the past 2 years, he had tried to negotiate with malls to open branches but was denied the opportunity to expand.
In the past, Hawell was known for its quality servings with lower prices and was the Thai ice cream brand of the Y2K era. Difficulties started when big brands started negotiating exclusive-use clauses with malls to block direct competitors from opening branches. This forced nearly all of Hawell’s branches to close, with Central Pinklao the last to shut down in 2014. In 2023, the name Hawell’s returned with the launch of its first standalone model in Bang Bua Thong, Nonthaburi, which remains in operation.
Mr Sripong’s plan to retire from his business in 2 years has led to the decision to sell all the company assets which are valued at Bt 165 million (US$6.32 million). These comprise of 7 rai (2.77 acres) of land in Bang Bua Thong; an office building and factory with machinery and factory licences; a Hawell’s Ice Cream & Fast Food shop; and the Hawell’s trademark. The sale also includes copyright information on ice cream recipes – both soft-serve and hard ice cream.
According to Mr Sripong, “Even if I choose to leave worldly life behind … I still want to see Hawell’s move forward.”
