easyCoffee receives £10m investment to boost growth
Published: 08 August 2018
easyCoffee's national expansion plans have been given a boost following a £10million investment from Stellar Asset Management.
The value coffee chain – part of the 'easy' family of brands that includes easyJet – has enjoyed rapid growth since it launched in 2016. It recently served its millionth cup of coffee in its eight coffee stores and installed its 50th vending machine.
In addition to expanding its franchise operations, this funding will allow easyCoffee to roll out 800 vending machines across the UK over the next year. easyCoffee currently has franchise stores in Burnley, Sutton and Orpington, and is in the process of recruiting a franchisee for its refurbished store in Hastings.
The number of easyCoffee stores, both owned and franchised, is expected to reach 200 over the next three years; seven multi-unit franchise partners are already committed to deliver 100 of these new stores. The company is focusing on developing franchises in Bath, Bristol, Hastings, Maidstone, Sutton and Swindon.
This substantial capital injection from Stellar Asset Management, an estate and succession planning specialist, more than triples the amount secured in earlier capital-raising rounds, which resulted in £3million of investments in the company by investors such as Saudi investment group Al-Dhowayan Group. Previous investments by Stellar Asset Management, which has a portfolio worth £300million, include the purchase of the Holiday Inn Express in Glasgow.
Nathan Lowry, easyCoffee CEO, says: "We are excited to move forward with our ambitious growth plans, thanks to this significant investment by Stellar Asset Management.
"This investment is an endorsement that the easyCoffee brand, like its sister brand easyJet, stands for a quality product and service at a value price. We are looking forward to working with our franchise and vending partners as we grow the business together.”
Jonathan Gain of Stellar adds: "We are delighted with this deal, and we are looking forward to working with Nathan and the team and the exciting growth opportunities in this market."
