Coffeeheaven expansion plans
Monday, December 19, 2005
Coffeeheaven International, the operator of speciality-branded coffee and sandwich bars in Central Europe, plans to open a new store in Bulgaria's capital Sofia next year.
The coffee outlet in a mall in the city is one of two new cafes the company is planning for next year.
The company, which has 42 stores across Poland, the Czech Republic and Latvia is also currently seeking locations in Romania.
Announcing the company's interim results, executive chairman Richard Worthington, said: 'Coffeeheaven remains firmly on track to
become one of Central Europe's leading branded coffee/sandwich bar retailers. Our successful placing and open offer, which raised £6 million in November, enables the group to repay all debt funding and provides capital for the next phase of expansion.
'With representation in several Central European markets, the Group continues to make solid progress towards our longer term goal of regional presence across the dynamic markets of central Europe.'
The company saw turnover rise 74 per cent to £2,732,000 compared to the same six months last year and like for like sales increased six per cent. The company's £378,000 loss compared to £233,000 in the same period last year, was in line with expectations.
Commenting on the outlook for the company, Mr Worthington said: 'In Poland our business is now generating month-to-month pre-tax profits and
our new business in Latvia is already operating at or close to breakeven. In the Czech Republic, strong like-for-like sales growth and encouraging initial results from recent new store openings is delivering significant improvements to trading results.'
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