The New Zealand-based operator of the Esquires and Triple Two coffee chains has finalised its dual listing in the UK, which it says will help it accelerate new store openings and potentially lead to new brand acquisitions
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Cooks plans to open 18 net new sites of its Esquires and Triple Two coffee brands this year | Photo credit: Cooks Coffee Company
New Zealand’s Cooks Coffee Company has completed its dual listing on the Aquis Stock Exchange, an independent growth index separate to the London Stock Exchange.
The NZX-listed company, which operates the Esquires and Triple Two coffee chains in the UK, plans to open 18 new sites this year.
Cooks Coffee Company, which currently has no operating assets in New Zealand, has been pursuing a dual listing for the past two years.
“We are delighted to have achieved our dual listing to support the continued expansion of the group as it builds a business of ethical coffee brands with community spirit. Our Esquires and Triple Two brands continue to perform well and I am delighted with our consistent outperformance of the market, thanks to the efforts of our staff, franchisees and their teams. We have a strong pipeline of new stores and are on track to open a net 18 sites this financial year showing a net 21% gain in store numbers for the financial year in the UK and Ireland,” said Keith Jackson, Executive Chairman, Cooks Coffee Company.
In October 2022, Cooks Coffee Company announced plans to raise up to £1.5m ($1.7m) through a rights issue and private placement. The company has raised approximately £500,000 ($575,000) to date.
The funding will help expand Cook Coffee Company’s digital marketing capabilities, accelerate new store openings and provide opportunities to potentially acquire ‘dynamic new brands’ which complement the company’s Esquires and Triple Two outlets.
Cooks Coffee Company is seeking a 10% increase in the number of outlets across its UK and Ireland markets as part of plans to reach 120 stores globally by the start of 2023. Cooks Coffee had 111 outlets in the UK, Ireland and across its international markets as at the end of September 2022.
In August 2022, the company said it had surpassed pre-pandemic sales, with trading for both its brands between April-June 2022 increasing 90% compared to the same period in 2021. The revenues in the quarter were 34% higher than 2019 sales.
World Coffee Portal data shows the UK branded coffee shop market now exceeds pre-pandemic levels by oulets at more than 9,500 stores. The market achieved a £1.3bn ($1.48bn) sales rebound in 2021.