Caffe Nero Group becomes majority owner of Coffee#1
Caffe Nero has been buying shares from Coffee#1's parent company since 2011.
Caffe Nero Group has announced that they now own 70% of Coffee#1 after buying its shares from its owner, S.A. Brain.
The move is part of their ongoing growth strategy where they intend to open a new store every four days. The group said that they plan to have the brand intact and to operate it as a standalone business.
“We’re delighted to welcome Coffee#1 into the Caffè Nero family. It is a fantastic brand with an emphasis on great coffee and service combined with a local community-based feel which matches perfectly the ethos of The Caffè Nero Group. Coffee#1 will continue to operate regionally and grow alongside the Caffè Nero brand,” Caffe Nero Group founder and CEO Gerry Ford said.
Meanwhile, S.A. Brain chairman John Rhys said that it is the right time for the brand to take the next step towards its development.
“The Board has resolved that now is the time to join-up with a major player in the coffee market to take it forward to the next stage of its development. As ongoing significant shareholders in the business, we look forward to seeing Coffee#1 continue to grow and prosper within the Caffè Nero family over the coming years,” Rhys said.
