The valuation is largely based upon the Dublin-based coffee chain’s pandemic trading figures and could rise following strong 2023 sales
Irish coffee chain Coffee Angel has received a ‘conservative’ €4.2m ($4.6m) valuation, according to documents filed as part of a corporate restructuring.
Founded by Karl Purdy in 2004, the Dublin-based business operates eight stores across Ireland with a ninth currently in development.
Purdy told The Irish Times that the restructuring was not related to any potential sale but was necessary for the exchange of shares to a new holding company. Purdy currently owns a 54% stake in Coffee Angel, valued at €2.2m ($2.4m), with his wife Caroline Slieman Purdy holding shares valued at nearly €1.7m ($1.9m).
The remaining shares are held by their daughter, Melia, and are worth approximately €250,000 ($278,000).
The valuation was based on lower revenues during the pandemic and is considered a ‘conservative estimate’, according to Karl Purdy.
Coffee Angel’s revenues reached €3.6m ($4m) in 2023, with Purdy forecasting sales of €4.7-€5m ($5.2-$5.5m) for 2024.
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