Revenues at the Irish arm of UK coffee shop chain Caffe Nero more than tripled to €2.1m last year as it expanded its presence here.
Last year, Caffe Nero Ireland opened a further three stores in Dublin as well as its first outside the capital; bringing its total number to eight. This contributed to revenues increasing by 210% to €2.132m in the 12 months to the end of last May.
The company also saw a 69% reduction in pre-tax losses for the year, to €138,000. In newly-filed accounts for the company, its directors said the losses arose “due to continued start-up costs in this new territory”.
Caffe Nero has previously announced plans to invest €20m here in opening 40 stores and creating up to 350 new jobs. Caffe Nero’s first Irish outlet opened on Merrion Row in Dublin in March 2014 and its stores include seven in Dublin and one recently opened in Drogheda.
In the accounts, the company’s management added that it believes there are strong growth prospects for the branded coffee market in Ireland. They added that they expect to continue to open further locations under the Caffe Nero brand.
Underlining the firm’s expansion activity last year, numbers employed increased from 18 to 40 with staff costs rising from €325,000 to €839,000.
The accounts show that the company also incurred €1.68m in costs after acquiring property, plant and equipment. That compared to €1m under that heading in 2014.
Caffe Nero was founded by Gerry Ford in 1997.
It is the largest independent coffee retailer in Europe and last year operated 613 stores in 247 UK and Irish towns generating revenues of £257m and pre-tax profits of £25.5m.
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