Coffee Republic cuts losses as sell-offs continue

16 August 2004 by
Coffee Republic cuts losses as sell-offs continue

Coffee bar chain Coffee Republic reduced its losses by more than £8m during the year to 28 March, as it sold off 17 outlets and began converting some to its new deli-bar format, the company said today.

The £1.7m loss for the 12 months to 28 March compares with a £9.8m loss in the previous financial year.

Like-for-like sales for the year were 2.3% down. Since the year-end Coffee Republic has sold off a further 10 sites and now has 55 stores. A further five are earmarked for disposal. It has converted four of the remaining sites to the new deli-bar format and plans to convert six more by the end of March 2005. The company described this as Á¢Â€Âœa measured and prudent roll-out schedule.Á¢Â€Â Chairman Bobby Hashemi said: Á¢Â€ÂœThe past financial year has marked a turning point for Coffee Republic. The trading decline has now been stabilised and a platform for growth has been established.Á¢Â€Â The company claims the new deli-bar format increases sales by more than 20% on average, with a 30% rise recorded at its latest conversion in Heathrow AirportÁ¢Â€Â™s Terminal 1. The company has also tested a scaled-down version of the deli-bar for its smaller outlets. Refurbishment costs about one-third that of a full-scale conversion and sales are expected to increase by 5-10%. Buy this weekÁ¢Â€Â™s *Caterer* magazine for more industry news and analysis
The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.


Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking