Caffe Nero owner to open dozens of new outlets despite growing losses

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Caffe Nero owner to open dozens of new outlets despite growing losses

By Daily Mail City & Finance Reporter

Published: | Updated:

The owner of Caffe Nero is poised to open 80 new outlets next year.

The business, which also owns Harris + Hoole, Coffee #1 and Aroma, said 40 of the new venues would be in the UK.

They are expected to create around 300 jobs.

Caffe Nero’s owner is expected to create around 300 jobs next year despite newly published accounts showing Nero Group’s losses for the year to May 31 widening

A spokesman added: ‘In the coming year we will continue the expansion of the brand.’

It came as newly published accounts showed Nero Group’s losses for the year to May 31 widened from £7.2million to £31.5million.

That was despite revenues increasing from £334.4million to £366.1million over the same period.

Like-for-like sales rose by 3.1 per cent worldwide, the firm said.

However, Caffe Nero also took a charge of about £14million connected with its takeover of Coffee #1.

And it said rising costs, higher wages, business rates and servicing debts had also weighed on the balance sheet.

 

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