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Blank Street in talks to raise more than $100m in fresh funding: US coffee brand Blank Street, which operates more than 50 sites in the UK, is in early discussions to raise $100m (£75.4m) or more in new funding to fuel expansion as it capitalises on the popularity of its coffee and matcha drinks with young consumers. The FT reports that the business, which was valued at about $500m last year, could achieve a valuation of close to $1bn in any deal, according to people familiar with the matter. However, they cautioned that talks were at a preliminary stage and neither the funding target nor the valuation have yet been confirmed. Blank Street declined to comment. Blank Street is among a new generation of cafés appealing to younger consumers and capitalising on shifting tastes, while more established brands struggle. Founded in 2020 in Brooklyn through a coffee cart, Blank Street expanded rapidly after its formula of fast service and social media-friendly beverages proved a hit. It was established by Vinay Menda and Issam Freiha, who previously worked at a venture capital fund, and has raised money from investors including Left Lane Capital, General Catalyst and Tiger Global. The business operates in dozens of locations including New York, Boston, Washington and London. Since launching in London in 2022, Blank Street has expanded to more than 50 UK stores including Scotland and tripled its turnover to almost £36m in the 2024 financial year, according to accounts filed in October. The new funding will help Blank Street grow its business, including launching in new cities. It was also expanding to Los Angeles, according to a recent job advertisement. In the UK, the brand has lined up openings in Brighton, Bristol and Liverpool. Last November, the company opened its first site in Leeds, on the former Starbucks site at 48 Albion Street, which became the largest Blank Street in the world.

Premium Club subscribers to receive updated searchable and segmented New Openings Database tomorrow: The updated Propel New Openings Database will be sent to Premium Club subscribers tomorrow (Thursday, 2 April). The database will show the details of 136 site openings, including which company has opened a site or its plans to open one in the future. The database will have details on what type of site it is and its location, and there will also be a website link to the businesses. The database is published monthly, and Premium Club subscribers will also receive a 10,359-word report on the 136 new additions to the database. It is segmented into seven categories – cafe bakery, casual dining, experiential leisure, fine dining, hotels, pubs and bars, and quick service restaurants – making it even easier for users to search. Premium Club subscribers also receive access to five other databases: the Turnover & Profits Blue Book, the Multi-Site Database, the UK Food and Beverage Franchisor Database, the UK Food and Beverage Franchisee Database and the Who’s Who of UK Hospitality. All Premium Club subscribers will be offered a 20% discount on tickets to Propel paid-for events and discounts on specialist sector reports. Operators that are Premium Club subscribers are also able to send up to four members of staff to each of our four Multi-Club Conferences for free. Premium Club subscribers receive their daily Propel Info newsletter 11 hours earlier than standard subscribers, at 7pm the evening before. They also receive videos of presentations at eight Propel conference events two weeks after they are held. This represents around 100 videos of industry insight over the course of the year. Premium Club subscribers also receive exclusive opinion columns every Friday at 5pm, which include the thoughts of Propel chief operating officer – editorial, Mark Wingett, and a host of industry leaders from across the sector. A Premium Club subscription costs an annual sum of £495 plus VAT for operators and £595 plus VAT for suppliers. Companies can have an unlimited number of people receive access to Premium Club for a year for £995 plus VAT – whether they are an operator or supplier. A new Premium Unlimited Plus option, which costs £1,995 plus VAT per annum, has some amazing additional benefits including four free tickets to Propel’s paid-for conferences – Excellence in Pub & Bar (19 May), Operational Excellence (9 July) and Talent & Training (15 October) – and the opportunity to run one free sponsored message or situation vacant notice during the year on the newsletter. Email kai.kirkman@propelinfo.com today to sign up.

Economic optimism at record low: Optimism in the UK economy has fallen to its lowest level on record as businesses worry over the soaring costs caused by war in the Middle East. The Times reports that a survey of business confidence in the UK economy released by the Institute of Directors (IoD), the lobby group, slid to -76 in March from -63 in the previous month, the lowest reading since the survey’s inception in July 2016. A sub-index that measures businesses’ costs expectations rose to its second highest level on record, beaten only by September 2025 before the second budget from Rachel Reeves, the chancellor. The figures underscored the dampening impact that the US-Israeli war with Iran is having on the UK economy. Last week the Organisation for Economic Co-operation and Development said the UK would suffer the biggest hit to growth and largest rise in inflation from the war among rich economies. Another survey produced by the British Chambers of Commerce also pointed to “fragile” business sentiment. The expected jump in inflation, potentially to top 5% this year, could prompt the Bank of England to lift interest rates from their present level of 3.75%, which would deal a further blow to confidence. “Across all sectors, the general increase in uncertainty is once again delaying decision-making, as many wait to see how the conflict evolves,” Anna Leach, chief economist at the IoD, said. Separate research from GfK last month showed consumer confidence fell to its lowest level in nearly a year.