Photo credit: Coffee#1/Facebook
Caffè Nero acquires remaining stake in Coffee#1
The coffee chain is expected to continue to operate as a standalone brand alongside the group’s other brands.
The owner of Caffè Nero has agreed to acquire S.A. Brain’s remaining 33% stake in Coffee#1.
The Nero Group and one of its supportive shareholders originally bought 67% of Coffee#1 in 2019 from the Welsh brewery.
Coffee#1 currently operates 102 stores across Wales, the Midlands and Southern England and has averaged 104% of pre-pandemic sales over the last four months.
The coffee chain is expected to continue to operate as a standalone brand alongside the group’s other brands Caffè Nero, Harris+Hoole and Aroma.
The acquisition of Brain’s minority stake in Coffee#1 is part of the group’s strategy of pushing ahead with its growth ambitions following a recent refinancing process completed in January 2022.
“As we emerge from the pandemic, our intention is to return to growing stores in our Group and investing in growth opportunities. Coffee#1 is very much part of that thinking. Acquiring Brain’s remaining position is the first step of this post-refinancing growth phase,” Gerry Ford, founder and group CEO of The Nero Group, said in a statement.
