Caffe Nero has completed refinancing of all its debt as the Caffè Nero Group enters a new debt agreement with Carlyle, HSBC and Santander. A new six-year loan of circa £330 million was agreed with additional facilities of £85m available for growth opportunities.
Majority ownership of The Group remains with Gerry Ford, founder and Group CEO, alongside family and friends. As a result of this new debt agreement, the EG Group is no longer a holder of any of The Caffè Nero Group’s debt.
Gerry Ford commented: “This is a great platform for us to grow our business, including: opening up new stores, investing in digital channels, developing our coffee at home program and building our brand in international territories.”
The Group currently operates four brands (Caffe Nero, Coffee #1, Harris + Hole and Aroma) across 1,020 stores in 10 countries.
Pre-Covid 19, The Group had delivered notable success, registering 86 consecutive quarters of positive like-for-like sales growth. In the second half of 2021, with restrictions lifted, Caffè Nero started to return to its normal strong operating performance.
Sales in in the first-half of its Financial Year (June-November 2021) were up 61% with EBITDA for the same period recorded at £29.4m. Like-for-like sales at the end of November 2021 were tracking at 90% of FY19 levels.
The Group employs more than 5,600 people in the UK and has more than 7,700 working for its four brands across 10 territories.
