It comes after Nero and one of its supportive shareholders originally bought 67% of Coffee#1 from owner S.A. Brain, the Welsh Brewery, in 2019; and follows a recent refinancing process by the group that completed in January this year.
Since buying the majority share of the Coffee#1 business, the Nero Group has managed the Coffee#1 brand and grown the business from 92 stores to 102 stores today.
Nero says Coffee#1 has proven to be a robust business as demonstrated through its quick rebound from the pandemic following the removal of restrictions, with the brand averaging 104% of pre-pandemic sales over the last four months.
The group plans are for Coffee#1 to continue to operate as a standalone brand alongside its other brands: Caffè Nero, Harris+Hoole and Aroma.
“We’ve been delighted with the performance of the Coffee#1 business since it joined our group in 2019,” says Gerry Ford, founder and group CEO of The Nero Group.
“It is a fantastic brand with an emphasis on great coffee and service combined with a local community-based feel, which matches perfectly with the ethos of The Nero Group. As we emerge from the pandemic, our intention is to return to growing stores in our Group and investing in growth opportunities.
Coffee#1 is very much part of that thinking. Acquiring Brain’s remaining position is the first step of this post-refinancing growth phase.”