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Grind secures £10 million in funding following record sales growth


Coffee group Grind reports that its high street sales have returned to pre-pandemic levels despite the increase in remote working.

The group, which operates five cafes, six coffee shops, and three food trucks in London, saw sales increase by 38% to a record £30 million for the year ending 30 April 2024.

This growth included a 13% increase in sales across its high street locations.

“We are confident this can continue to grow as people slowly come back into the city more often,” founder and chief executive David Abrahamovitch wrote in its accounts.

The company has also raised £10 million in funding to support its future expansion.

Grind stated that its online coffee business, which surged during the pandemic, continues to grow, generating over £1 million in monthly sales.

The group also sells ready-to-drink coffee cans, pods, and bean and ground coffee in 8,000 locations nationwide, including Tesco, Waitrose, Co-op, Whole Foods, and Ocado.

Grind reported that its sales are roughly split as 40% from high street locations, 40% from online sales, and 20% from grocers and B2B wholesale partners.

However, pre-tax losses increased from £5.3 million to £5.6 million as the group continued investing in growth and marketing initiatives.

“These losses are in line with management and investor budgets, and the board is confident in its strategy moving forwards,” wrote Abrahamovitch.

“The business raised £5.5m in the financial year and has completed a further £10m funding round after year end. The business is therefore well capitalised and in a strong position to grow in the coming year.”

Grind opened a coffee shop at King’s Cross St Pancras International station in April 2023 and a second location in Canary Wharf in September 2023.

In September 2023, Grind closed its site in London’s Whitechapel, and the pop-ups in Bicester Village and Melrose Avenue in Los Angeles concluded their one-year terms.