Soho Coffee Co. FY losses widen by 60% to £3.2m
Whilst trading conditions remain challenging, BTC views this as largely cyclical and stated that it remains ‘fully committed to supporting its existing UK operations’
BTC Group Holdings’ Soho Coffee Co. and Euphorium Bakery have reported that losses widened in the year to 31 January 2024, with the coffee group’s losses rising 60% from £2m to £3.2m and the bakery chain’s losses rising 27% from £944,402 to £1.2m.
Nevertheless, Soho Coffee Co. maintains that it has a “stable” portfolio of 28 stores, with no new openings or closures during the period.
According to the coffee chain, it continues to review its model and strategic direction.
Currently new brand footprints, the development of strategic business partnerships, targeted sector development, and ecommerce form the key elements of the revised business plan.
Meanwhile, Euphorium has three bakeries in north west London in Hampstead Heath, Highbury and Islington, and Belsize Park, and has had no new openings in the year.
While new opportunities for growth and expansion are emerging at the bakery chain, the directors continue to “cautiously assess substantial further business development activity”.
BTC Group Holdings, which was incorporated in Qatar and operates real estate and hospitality asset owners across the Middle East and the UK, has approximately $1bn (£820m) worth of assets under management.
Whilst trading conditions remain challenging, BTC views this as largely cyclical and stated in its filing on Companies House that it remains “fully committed to supporting its existing UK operations”, which continue to invest in infrastructure, property, product and people to drive future growth and profitability.
Beyond the existing operations, BTC will also continue to assess new potential investment opportunities in the UK F&B and hospitality sectors with the support of its corporate team in the country.