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Thu 8th Mar 2018 - Caffe Nero has potential for at least 900 UK sites, paid £7.5m for Harris + Hoole
Caffe Nero has potential for at least 900 UK sites, paid £7.5m for Harris + Hoole: Caffe Nero bosses believe there is potential for at least 900 sites in the UK – 150 more than previously estimated. The company, which also operates Harris + Hoole and coffee brand Aroma as well as a specialist coffee-roasting facility, revealed its expansion plans in its accounts for the year ending 31 May 2017 filed at Companies House. The company, which issued brief results last month, stated: “Last year we continued the steady expansion of Caffe Nero. We opened 33 stores and nine stores were handed back to the landlord resulting in a net increase of 24 stores or 3.9% of the overall estate. At the year end, we had 637 Caffe Nero stores operating in more than 250 UK and Irish towns and cities. The directors believe there is potential in the UK market for at least 900 Caffe Nero stores. The acquisition of Harris + Hoole in June 2016 added 36 stores to the group with an additional site opened during the year, taking the total to 37 stores. For Aroma, the year was mostly concerned with establishing and preparing our coffee product and the brand to get ready for market entry.” The accounts also revealed Caffe Nero acquired Harris + Hoole for a total consideration of £7,554,000, including goodwill of £2,458,000. Further details were also given about the company’s financial performance. Revenue increased 11.7% to £287.9m, compared with £257.6m the previous year. Adjusted Ebitda was up 6.4% to £45.2m, compared with £42.5m the previous year. Pre-tax profit increased to £25.7m, compared with £25.5m the previous year. As previously reported, like-for-like sales increased 2.8% with Caffe Nero planning to open a further 85 stores worldwide and create a further 650 jobs in 2018. The company stated: “The directors aim to maintain the management policies that have resulted in the UK group’s substantial growth in recent years. They consider the next year will show further significant growth in sales from continuing operations from the addition of new Caffe Nero and Harris + Hoole stores in the UK and Ireland.”

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