Esquires Coffee has attributed its robust sales growth in the initial ten weeks of the financial year to the opening of new stores in the UK.
In a trading update for the period ending June 9, 2024, parent company Cooks Coffee reported that Esquires store sales in the UK and Ireland surged by 23.7% year-on-year. Notably, since the start of May, the average weekly sales per store have exceeded £600,000 ($761,000). The company currently operates 79 outlets across these two markets.
Sales in the UK saw a remarkable year-on-year increase of 30%, largely driven by the performance of 15 new Esquires Coffee stores opened in the last year. These new outlets contributed 34.6% of the total UK sales during this period.
After the administration of Triple Two Coffee in October 2023, Esquires Coffee has become the sole brand under Cooks Coffee. The chain now operates 64 stores in the UK, with 16 additional outlets in development.
In Ireland, Esquires Coffee opened one new store during this period, bringing its total to 15 sites. Total sales in Ireland grew by 11.7% year-on-year, with like-for-like sales increasing by 8%.
“We are delighted with the strong start to the year. The performance across the UK and Ireland of the Esquires brand is a testament to our dedicated team and our strategic focus on expansion and customer experience. The new stores have performed very well, and we are excited about the continued opportunities for growth in both markets,” said Aiden Keegan, CEO of Cooks Coffee.
Cooks Coffee, which also operates approximately 20 Esquires Coffee stores in Continental Europe and the Middle East, projects it will have 98 outlets across the UK and Ireland by the end of March 2025.
The New Zealand-based franchisor aims to more than triple its Esquires Coffee presence in the UK and Ireland over the next decade, with a goal of reaching 300 outlets.
For the 12 months ending March 31, 2024, the UK and Ireland Esquires business grew by 18%, reaching $35.7 million and accounting for 98.4% of Cooks Coffee’s total revenues.