The owner of Esquire Coffee in the UK and Ireland has said sales continued to rise in the year to March as it looks to expand further.
The hospitality business, Cooks Coffee, told markets this morning the figure was 17.6 per cent up on a year-on-year basis to £27.9m.
Cooks Coffee added 15 new stores in the UK and Ireland and closed four, with the firm now operating 77 stores across both regions, compared to 66 stores last year.
The London-listed business said it plans to open 10 more sites this year, as demand for coffees prevails despite the ongoing cost of living crisis.
Aiden Keegan, chief of Cooks Coffee Company, said: “We are delighted with the sales growth within our current coffee store locations and with the performance of the new stores.
“FY24 has witnessed the company setting new records and this success reflects the dedication of our extended team of shareholders, directors, franchisees, regional developers, and company staff and most importantly the support from our valued customers.”
He added: “We remain committed to delivering great in-store experiences and setting new benchmarks in the months ahead through our dedicated team of local franchise store owners. We look forward to updating the market further in due course.”
Consumers have continued to spend on coffee and pastries despite the cost of living crisis as they look to treat themselves to small luxuries.
Businesses such as affordable cafe Greggs have also boomed in the past few years. Sales across its 2,000 stores were up 13.7 per cent for the full year, and total sales were 19.6 per cent to £1.8bn.
Greggs revealed plans to open between 140 and 160 net new shops in 2024.