CEO William Gordon Harris said there are significant growth opportunities for the brand’s ‘easily scalable business’ in the UK following its £8.7m ($10.4m) investment round
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Knoops currently operates 15 cafés across the UK | Photo credit: Knoops
UK-based premium chocolate and coffee chain Knoops is planning to more than double in size in 2024 following a £8.3m ($10.4m) investment round.
Founded in East Sussex in 2013, Knoops currently operates 15 cafés across the country and has five further outlets set to open within the next four months. The chain serves a range of hot and iced chocolate beverages alongside an espresso-based coffee menu.
The business said the new investment will enable it to open an additional 20 new stores from March 2024 as part of an ambitious goal to reach 200 UK outlets. Knoops is seeking to grow its presence across major cities and university towns, with sites planned in Edinburgh, Leeds and Exeter.
The fundraising round was led by a £5.5m ($6.9m) investment from London-based department store group Morleys Stores Limited. Alongside positioning the business for higher profits next year, the investment will also help Knoops strengthen its ‘multi-channel offer’, including a new app and an expanded at-home product range.
“Following this fundraising, Knoops is in a fantastic position to grow from a position of real financial strength. We have a huge market to shoot for and an easily scalable business – we’re still on the runway when it comes to how far Knoops can go,” said William Gordon-Harris, CEO and Executive Chairman.
Knoops reported 78% year-on-year revenue growth for the 12 months ended 30 June 2023. Alongside retail stores and an e-commerce site, Knoops has packaged chocolate and coffee partnerships with premium UK retailers including Harrods, Selfridges and John Lewis.