Blank Street Coffee UK turnover leaps 517% in first full year
The chain has attributed its performance to new store openings and production innovations, having won more than one million customers during the period
New York-based coffee chain Blank Street Coffee has reported that UK turnover rose sharply by 517% to £11.4m ($15.2m) in the year ended 31 December 2023.
Group revenues in the UK were also higher than the £1.9m ($2.3m) generated in its first six months in the market.
According to its filings on Companies House, Blank Street began trading in the UK in June 2022, so these results reflect its first full year of operations in the market.
Blank Street Coffee has attributed its performance to new store openings and production innovations, having won more than one million customers during the period as a result of opening 12 new stores across London and one in Manchester.
The coffee chain currently operates 40 sites in the UK and a further 44 stores in the US.
While Blank Street’s UK business sustained a net loss of £4.2m for the year, it was attributed to the investments it made to expand the coffee chain;s network and develop new products.
The group’s leadership expects its UK operation to achieve operational profitability by the end of 2024.
Blank Street Coffee’s standard offering of flat whites, Americanos and lattes have accounted for 77% of its total drinks sales.
However, signature and seasonal offerings – such as the Summer Cold Brew Menu, Blueberry Matcha and Chocolate Orange Mocha – boosted its revenues.
Issam Freiha, co-founder of Blank Street Coffee, has credited the new drinks categories with “positioning the chain as one of the key players in the industry” and setting it apart from its competitors.