Caffe Nero upbeat on Irish prospects, despite losses

The Irish arm of UK specialist coffee retailer, Caffe Nero, says that there are strong prospects for the growth of branded coffee in Ireland, though start-up costs here contributed to the firm recording a loss of €430,000 last year.

The firm will invest €20m here by opening 40 stores and creating 350 jobs.

The company’s second set of accounts, lodged with the Companies Office, show that the business increased its revenues nearly nine-fold, to €687,000, in the 12 months, to the end of May last.