The 32-store boutique café group is exploring new investment opportunities to strengthen its global footprint and build upon strong 2022 sales growth
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EL&N reported 166% year-on-year sales growth to reach £22.4m ($28.5m) in 2022 | Photo credit: EL&N
UK-based EL&N is reportedly seeking new investment to facilitate plans to reach 200 stores globally within the next five years.
The London-based boutique café group, which currently operates 32 stores globally, is exploring opportunities to raise capital ‘through divestment of equity’ in its holding group, according to a Propel report.
EL&N said the funding will accelerate its goal of becoming the ‘world’s number one lifestyle café'.
Since opening its first café in London in August 2017, EL&N has developed a strong international presence across Europe, Asia and the Middle East.
The café group recently signed franchise agreements with India’s Reliance Brands, which also licenses Pret A Manger stores, and international travel concessions operator Lagardère Travel Retail.
EL&N achieved record results in 2022, which it said shifted the brand ‘from a UK-based equity store operation to a genuine global brand’. The boutique café group reported 166% year-on-year sales growth to reach £22.4m ($28.5m), with pre-tax profits rising from £1.3m ($1.6m) in 2021 to £4.5m ($5.8m) during the 12-month period.
In 2023 the boutique café group opened its first stores in Bahrain and Malaysia, alongside new stores in Manchester, Paris, Abu Dhabi, Kuwait City and Jeddah.