Blank Street reports ‘pivotal growth’ in the UK as outlet expansion outpaces US

Blank Street’s Kings Road store in London | Photo credit: Blank Street UK

Blank Street UK has hailed 2023 as a ‘transformative year’ after reporting significant sales growth and footfall across its sites last year. 
 

The speed-of-service focused coffee chain posted £11.4m ($15.3m) in group turnover in the 12 months ending 31 December 2024. Revenues were considerably higher than the £1.9m ($2.3m) Blank Street UK generated in the second half of 2022 – its first six months in the market. 

In a press release, Blank Street UK reported unit-level profitability across its store portfolio in 2023. However, the coffee chain posted a £4.1m ($5.6m) net loss following significant investments in outlet growth, new beverage launches and head office expansion. 

The coffee chain cited its Blueberry Matcha and cold brew range as key to attracting new audiences and boosting purchase frequency.

Nonetheless, Blank Street UK said 2023 was a year of ‘pivotal growth’, with the coffee chain’s Founder Issam Freiha stating that the UK is now the ‘driving force of Blank Street’s overall growth strategy’. 

Founded in New York in 2020, Blank Street has raised $105m to support outlet expansion across the US and UK. However, despite initial plans to scale to 100 locations across New York by the end of 2022, the venture capital-backed chain has only opened 46 US sites – including eight stores in Washington DC and Boston. 

Blank Street UK opened 14 net new stores last year, including a site in Manchester – its first foray outside of London. Following further openings in 2024, Blank Street now operates 37 UK outlets across London, Manchester and Birmingham. 
 

“2023 was a transformative year for Blank Street in the UK, marked by menu innovation, rising brand awareness and improved financial performance. The growth is largely driven by our innovative drinks menu that has attracted more than one million new customers, supported by our ambitious geographical expansion,” said Ignacio Llado, Managing Director, Blank Street UK. 

Blank Street is backed by US investment firms General Catalyst, Tiger Global and HOF Capital.