Esquires achieved record sales in December to cap off strong 2023

An Esquires coffee shop in Boscombe, Bournemouth | Photo credit: Cooks Coffee Company

Cooks Coffee Company has credited its strategy of boosting sales within existing locations for strong revenue growth in 2023. 
 

The dual-listed café group, which operates 71 Esquires coffee chain across the UK and Ireland, posted 16% year-on-year sales growth in the 12 months ended 31 December 2023 to reach £26.9m ($34.2m). 

Annual UK sales grew 19% to £17.5m ($22.3m) while revenues in Ireland increased 11% to £9.4m ($12m). Like-for-like sales grew 6% in the UK and 7% in Ireland while sales from new stores accounted for 12% of total sales in the UK and 13% in Ireland.  

Cooks Coffee opened 12 stores in the UK and closed five in 2023, while in Ireland it opened three stores and closed one. In December, the Auckland-based café group said it planned to open eight further Esquires stores in the UK and two in Ireland in the first half of 2024. 

The business, which saw total weekly store sales reach £600,000 ($763,660) for the first-time last month, is also recording positive operating cash flow, a release from the group added. 

“We are delighted with the robust sales growth within our current coffee store locations as we simultaneously progress our expansion programme, opening new stores. We remain committed to delivering exceptional experiences and setting new benchmarks in the months ahead through our dedicated team of local franchise store owners,” said Keith Jackson, Executive Chairman, Cooks Coffee Company. 

Cooks Coffee is seeking to relocate its corporate office from New Zealand to the UK to focus on its UK and Ireland growth strategy. 

In October 2023, the café group announced that its other branded coffee chain, Triple Two, had been placed into voluntary administration. Triple Two had 11 franchised stores at the time of the announcement.