The London-based coffee chain says its on-the-go coffee offering and roastery division strongly contributed to its increased sales, but sustained working-from-home continues to hinder trade at its smaller London stores
UK-based boutique hospitality group Grind has cited its three-strong coffee cart business and an expanding wholesale and retail coffee offering as key drivers behind its 105% annual sales growth.
Parent company Grind Holdings reported revenues of £16.9m ($20.1m) for the 12 months ended 30 April 2022, compared to £8.2m ($9.8m) in the year previous.
The company’s pre-tax losses widened from £2.55m ($3m) to £3.36m ($4m).
Grind rolled out coffee carts in Battersea Power Station and Bicester Village in the UK last year, adding to its cart at London's Spitalfields Market.
The coffee chain said its coffee carts have been ‘a real success’, with the company planning to introduce the concept at further locations in 2023.
Grind also operates wholesale and supermarket retail distribution via its Grind Coffee Roasters trading subsidiary. Sales for the division grew 41% in the period to reach £8.7m ($10.4m), with the company’s Grind at Home e-commerce platform debuting in the EU and US and a new Grind at Work subscription platform launching in the UK.
Grind, which operates 10 bricks-and-mortar stores across London, said its high street locations bounced back well from the pandemic and its larger sites, which comprise 80% of the company’s high street sales, are now operating at pre-pandemic levels.
However, sustained working-from-home across the UK capital continues to negatively impact sales at its smaller outlets.
The group’s directors also warned that inflationary pressures continue to impact staff costs and supply prices and Grind will continue to undertake supplier negotiations to mitigate headwinds.
Founded in 2011, Grind opened its first international store in September 2022 within Soho Home’s studio location in Los Angeles.
In August 2021 the company raised £22m ($30m) to facilitate new store openings in the US and grow its at-home coffee business.
