Bakers + Baristas has secured a new six-year committed term loan from Allied Irish Banks (AIB), which will be used support investment in new and existing locations.
The bakery and coffee chain revealed plans to open a further five outlets over the next 12 months, including a mixture of company-owned shops and franchise opportunities under consideration. Specific details of the loan have not been disclosed.
Headquartered in Limerick, the business employs over 300 staff across an estate of more than 65 locations in shopping centres and outlet villages in the UK and Ireland, such as its flagship café in Leeds. Since 2017, it has been led by CEO James Fleming – who previously held top roles at Euphorium Bakery and Paul UK – with Dermot McMahon serving as chief financial officer.
“We are delighted that AIB are supporting the next stage of our journey and our future growth,” said Fleming. “The Bakers + Baristas core business has responded incredibly well post-covid and our franchise partners are performing fantastically; we are all looking forward to a very bright future together.”
The brand is best known for its freshly-baked muffins, but also handcrafts a range of baguettes, pastries, and sweet treats in-store each day. Recently launched offerings on its festive menu include a Handmade Brie, Tomato & Rocket Panini; a Stuffing, Turkey & Ham Baguette; and a Pigs in Blankets Panini. Items can also be ordered online via Deliveroo and Just Eat.
Bakers + Baristas was acquired in 2015 by Irish private equity firm Causeway Capital, which subsequently backed a management buyout to rescue Patisserie Valerie from administration in 2019. The two businesses were merged the following year.
On its website, Causeway Capital highlighted several strategic initiatives that had been launched in recent years to grow Bakers + Baristas sales and improve margins and the quality of its overall estate. These included enhancing the management team, executing a new store roll out programme, completing a rebranding and refurbishment of outlets, and acquiring a competitor, Love Coffee, in 2018.
The equity firm also noted that Bakers + Baristas was expected to deliver sales of €22m (£19.1m) sales in the current year.