The Auckland-based café operator will use the funds to repay and refinance debts, while supporting growth for its Esquires Coffee business
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An Esquires Coffee store in Paddock Wood, Kent | Photo credit: Cooks Coffee Company
Cooks Coffee Company has finalised two loan facilities from the Bank of New Zealand to help repay debts and support future growth.
The Auckland-based café operator secured a NZ$1.6m ($917,000) loan with a term of 15 years, alongside a second NZ$1m ($574,000) loan with a term of five years.
In a press release, the Esquires Coffee parent company said the loans will also support the group’s ongoing operations and strategic initiatives, primarily in the UK and Ireland.
“The debt repayment and re-financing will have a meaningful positive impact for the company, with significantly reduced ongoing finance costs,” said Keith Jackson, Chairman, Cooks Coffee.
Cooks Coffee currently operates 89 Esquires Coffee outlets across the UK and Ireland, as well as a further 20 licensed sites across six Middle East markets.
The café group reported 34% year-on-year UK sales growth for Esquires Coffee during the nine months ended 31 December 2024 to reach NZ$37.7m ($21.6m). Ireland sales increased 12% year-on-year to NZ$16.6m ($9.5m).
Cooks Coffee expects to reach 100 Esquires Coffee stores in the UK and Ireland by the end of 2025 and has a longer-term goal of operating 300 stores across the two markets by 2034.