Caffe Nero to open 40 new UK sites in 2020

Caffe Nero is planning to open 80 new coffee outlets next year, including 40 in the UK, with the creation of about 300 jobs.

The news came as the company, which also owns Harris + Hoole, Coffee #1 and Aroma, posted its financial results for the year to 31 May 2019.

Despite revenue rising from £334.4m to £366.1m, and like-for-like sales rose by 3.1%, losses grew from £7.2m to £31.5m.

During the period, Caffe Nero paid £14m for a majority stake in Coffee #1, which swelled it estate to over 750 stores in the UK, and a total of over 1,000 stores internationally across 10 countries.

The group stated that rising costs, higher wages, business rates and servicing debts had also weighed on the balance sheet.