Coffee Republic still confident after losses
Espresso bar chain Coffee Republic opened fewer bars than expected last year and reported losses of nearly £2.5m. It is not expected to break into profits until next year or the year after.
In the 12 months to 31 March, it opened 20 bars and closed three. Chief executive Peter Morris said: "We begin the year with a lower number of bars than expected."
Chairman Nicholas Jeffrey outlined the company's plans for the year ahead. He said that the company wanted to open 30 bars this year and had already opened six of these.
It now has 82 and hopes to have more than 200 across the UK by the end of 2004.
Morris added: "We are on track for another year of growth and we are confident of the continued expansion of Coffee Republic."
During the year, pre-tax losses fell from £2.73m to £2.4m, while sales rose to £21m, from £12.5m the previous year.
Closing three of its bars resulted in an exceptional charge of £230,000.
by Louise Bozec