Drinks and hospitality firm Brains has been given an £85m funding packing to help accelerate the roll-out of its coffee chain business Coffee#1.
The package is being jointly provided by Lloyds Bank Commercial Banking and HSBC Corporate Banking. It will also be used to refinance the company’s debt and invest in its 231 pubs.
Coffee#1 was established in Cardiff in 2001 and now operates 57 coffee shops located throughout Wales, the south-west, the south coast and the Midlands. Brains purchased the chain in 2011.
Martin Reed, finance director, said: “The roll-out of Coffee#1 has been a huge success, with consumers enjoying our unique mix of outstanding coffee, characterful coffee houses and customer-focused service.
“The acceleration of our store roll-out programme into new areas will capitalise on this and introduce our popular Coffee#1 brand to new audiences across the UK.”
Brains has an annual turnover of £123m and employs over 2,000 people at its head office in Cardiff and across its portfolio of retail operations.