Blank Street UK has reported a huge increase in turnover this year after a rapid expansion into the British coffee shop market.
The instantly recognisable mint-green chain, which operates around 30 stores in London and recently expanded to Manchester, announced a 517 per cent increase in group turnover to £11.4m.
Blank Street’s net income for the year was £4.2m, “reflecting investments in store footprint, head office, and operations team expansion, as well as product development,” it said.
The drinks company said the year was “pivotal” for growth and that its success has been driven by menu innovation, increased customer loyalty and new store openings.
The results are only Blank Street’s second filed in the UK, having expanded to London in 2022.
Ignacio Llado, managing director of Blank Street UK said: “The year 2023 was a transformative time for Blank Street in the UK, marked by menu innovation, rising brand awareness and improved financial performance.
“The growth is largely driven by our innovative drinks menu that has attracted more than one million new customers, supported by our ambitious geographical expansion.
“In 2023, we launched Manchester, and we now have three stores there, in addition to our recently opened two stores in Birmingham. Regional growth will be a key driver for our continued success as we strategically enter new markets.”
Issam Freiha, founder of Blank Street, added: “The UK market is a driving force of Blank Street’s overall growth strategy. We invested heavily in putting together a world-class team that has taken our brand to the next level.
“We continue to see lots of room for product and experience innovation in the market and we’re excited to deliver on it, as we move into 2024 and beyond.”