Coffee firm’s turnover bubbles past £10 million
By Andrew Merrell | 5th July 2019
A coffee business with its headquarters in Cheltenham has revealed an increase in annual turnover to £10,176,489.
According to the Ashville Trading Estate-based company's annual accounts its growth in turnover can be credited in part to three new store openings, taking its offering to 24.
However, results for SOHO Coffee Co are not without a bitter after taste. The firm revealed losses for the year to the end of January coming in at £2,543,625 (£2,104,955 for the year ending January 2018).
Concerns over Brexit also featured in the report, from director Andrew Woodruff.
"Whilst trading conditions remain challenging, BTC WLL views this as largely cyclical and remains fully committee to supporting the SOHO Coffee Co. brand which continues to invest in infrastructure, property, product and people to drive future growth and profitability."
SOHO is described as a "principal trading company in the BTC Hospitality group of companies. That businesses ultimate owner is BTC WLL, a Qatar-based business and major investor in retail, hospitality and property.
"BTC WLL is committed to significant further investment in the UK market, and continues to fund an ambitious UK investment program," said Mr Woodruff.
He added: "In addition to general economic uncertainty over future levels of consumer demand and supply side issues, the impact on the group of the Brexit process and the UK's pending withdrawal from the European Union is currently unclear.
"In particular there is uncertainty over the extent to which purchasing and import costs may increase as a result of Brexit, and the long term implications on the labour market."
According to its accounts the business, whose managing director is Penny Manuel, the firm employed an average of 315 staff in 2018-2019 - up from 287 the previous year.
SOHO Coffee began life at the tail end of the 1990s - started by a certain Superdry founder called Julian Dunkerton.
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