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Thu 23rd Jun 2016 - Gerry Ford – we will grow the Harris + Hoole brand
Gerry Ford – we will grow the Harris + Hoole brand: Caffe Nero founder Gerry Ford has stated the company will retain and grow the Harris + Hoole brand in the wake of this morning’s acquisition of the business from Tesco. Harris & Hoole has 43 sites in both high street (12) and supermarket (31) locations. Ford, chairman and chief executive, said: “Today’s acquisition is the start of an exciting new journey for both Harris & Hoole and Caffe Nero. Harris & Hoole has a strong reputation for high quality coffee and that is what Caffe Nero is all about. This focus on coffee quality coupled with their enthusiastic and knowledgeable baristas give me reason to be excited about developing and growing the Harris & Hoole business over the coming years.” Tesco took full ownership of the loss-making Harris + Hoole in February, despite total losses of £43.5m since incorporation. Turnover stood at £12.8m in the most recent year. The stake in Harris + Hoole was acquired by former Tesco boss Phil Clarke as part of his efforts to revive the fortunes of the chain’s big out of town supermarkets. Harris + Hoole employs more than 500 people. In November 2015, Harris + Hoole reported total losses had reached £43,583,894. It did, however, report the majority of its shops have turned to profit now although its losses more than doubled to £25,573,368 for the 52 weeks to 1 March 2015 – it lost £12,799,795 the year before. The losses for the most recent year were also circa double turnover of £12,840,302, which was up from £6,648,270 the year before. Of the year, the company stated: “The business opened 22 new shops and closed the six shops previously announced in September 2014, taking the total open at the end of the period to 45. The operating loss of £21.6m reflected significant impairment taken on a number of properties and other assets of £9.8m. As the business exited the year and into 2015-2016, the majority of shops have turned to profit after the early life-cycle of opening in the formative years of the business.”


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