The franchised coffee chain achieved 30% UK sales growth over the last 10 weeks, with 15 new stores accounting for more than a third of sales during the period
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An Esquires Coffee store in Ruislip, West London | Photo credit: Cooks Coffee
Esquires Coffee has credited new UK stores as key drivers of sales growth in the first 10 weeks of its financial year.
In a trading update covering the period ending 9 June 2024, parent company Cooks Coffee said Esquires store sales in the UK and Ireland grew 23.7% year-on-year with aggregate sales per store exceeding £600,000 ($761,000) each week since the beginning of May. The business currently operates 79 outlets across the two markets.
Sales increased 30% year-on-year in the UK, driven by strong performances from 15 Esquires Coffee stores the business opened within the last 12 months. New outlets accounted for 34.6% of total UK sales during the period.
The coffee chain – now Cooks Coffee’s only brand after Triple Two Coffee entered administration in October 2023 – currently operates 64 UK stores and has 16 further outlets in development.
Esquires Coffee also opened one new store in Ireland during the period to reach 15 sites. Total sales in Ireland grew 11.7% year-on-year, with like-for-like sales increasing 8%.
“We are delighted with the strong start to the year. The performance across the UK and Ireland of the Esquires brand is a testament to our dedicated team and our strategic focus on expansion and customer experience. The new stores have performed very well, and we are excited about the continued opportunities for growth in both markets,” said Aiden Keegan, CEO, Cooks Coffee.
Cooks Coffee, which also operates around 20 Esquires Coffee stores in Continental Europe and the Middle East, forecasts it will reach 98 outlets across the UK and Ireland by the end of March 2025.
The New Zealand-based franchisor is planning to more than triple its Esquires Coffee footprint in the UK and Ireland over the next decade to reach 300 outlets.
Its UK & Ireland Esquires business grew 18% to $35.7m for the 12 months ending 31 March 2024, accounting for 98.4% of total revenues.