The funding will support the boutique coffee chain’s ambitious aspirations to operate more than 500 outlets globally by 2033
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WatchHouse will open new London stores in Hampstead, Fitzrovia, Marble Arch and Canary Wharf this year | Photo credit: Darren Rowlands/WatchHouse
Specialty coffee chain WatchHouse has completed a £7.9m ($10m) funding round to scale its UK and US store footprint.
The London-based boutique operator currently operates 16 UK outlets and is set to open its first international store in New York this quarter on Manhattan’s 5th Avenue.
The new funding included capital from new and existing investors and will advance WatchHouse’s ambitious aspirations to operate more than 500 outlets globally by 2033.
Alongside its imminent US debut, the specialty coffee chain will open new London stores in Hampstead, Fitzrovia, Marble Arch and Canary Wharf this year. Additionally, WatchHouse is seeking further regional expansion in the UK after opening its first site outside of London in Bath in July 2023 and has three further US sites in the pipeline.
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“As part of our Modern Coffee mission, this marks a further significant step to bring the best coffees to the world. The injection of growth capital will power the expansion of our estate in the UK and the US, in addition to supercharging our e-commerce platform to keep pace with our rapid and sustainable growth. Looking ahead, our focus remains steadfast on quality, innovation, and financial sustainability as we scale,” CEO Roland Horne said on LinkedIn.
WatchHouse achieved several weeks of record-breaking sales in its most recent quarter and is forecasting 60% year-on-year sales growth in its current financial year, ending July 2024. If achieved, turnover will exceed £20m ($25.5m) ahead of a projected rise to £40m ($51m) in 2025.