Joe & the Juice eyes UK expansion despite £4.9m loss
Joe & the Juice is planning further expansion in the UK despite posting a £4.9m loss in 2019 and seeing a reduction of trade during lockdown.
According to filings on Companies House, the group still sees "strong potential" in the UK for its health-focused juice and coffee bars.
Joe & the Juice UK's losses widened from £1m in 2018 after it invested in opening a further six UK cafes in 2019.
But it saw sales increase 27% over the same period and said it would "continue to expand its operation also outside London" going forwards.
The brand, founded in Copenhagen in 2002, opened its first international site on London's Regent Street in 2009 and now trades from more than 50 locations in Greater London.
Although coronavirus forced the closure of its dine-in sites last year the company said the launch of pre-ordering through its Joe App and delivery options were "well received" by customers and made it possible for some juice bars to keep trading.
However, the impact of the pandemic on its overall business meant Joe & the Juice's parent company in Denmark had to secure £11.8m finance from its bank under a Danish stimulus package of government-guaranteed loans in 2020.
It also raised an additional £23.6m capital from shareholders, which secured the group's cash position for the financial year 2020.
Joe & The Juice operates around 300 company-owned and franchise stores worldwide.
The group said revenue had declined 15% in 2020, but it expected this to increase 30 - 40% in 2021 as coronavirus restrictions are relaxed.
Continue reading
You need to create an account to read this article. It's free and only requires a few basic details.
Already subscribed? Log In
