Danish bakery and coffee house Ole & Steen, which has 26 stores in and around London, is reaping the rewards of a refocused strategy which saw it invest in its shops, staff, and production facility.
The business reported a 5% increase in turnover for the year ending 31 December 2024 with revenue increasing from £34.8m in 2023 to £36.7m. The year ‘marked with continued investment and operational discipline’ also saw a ‘solid’ 25% increase in EBITDA from £3.9m to £4.9m.
This performance was bolstered by an ‘outstanding’ finish to the year, with Q4 delivering 17% growth in like-for-like sales.
Investment included improvements to its London production facility in Leyton which has delivered ‘tangible benefits in consistent product quality and cost efficiency’ which Ole & Steen said lays a ‘solid foundation for continued profitable growth in the UK’.
“The foundation for our success was the Group Refocused Strategy launched in April 2024. This strategy has reaffirmed our identity as the Danish bakery and coffee house in London,” said Ole & Steen UK managing director Graham Hollinshead.
“We’ve invested heavily in our stores, teams, service standards, and digital capability. From extended opening hours to seasonal product development, we’re meeting our customers where they are – in-store, online, and on special occasions like New Year, Halloween, and Valentine’s Day.”
Hollinshead added that customer convenience is core to the brand’s experience, and, in 2024, it expanded to three major delivery platforms and introduced a new web-based ordering portal to better serve offices and B2B clients.
Meanwhile, the Ole & Steen loyalty app saw membership grow by over 40% with “strong engagement across features like Click & Collect, loyalty rewards, and exclusive offers”.
NPD played a big part in the bakery’s success. In autumn, the business recorded some of its best trading weeks ever, according to Hollinshead who highlighted the introduction of its ‘treat of the week’ campaign in October which showcased a different signature Danish pastry every week at a special price point. “The response has been outstanding, and we’ll continue the offer throughout 2025,” the MD added.
He pointed to festive new products such as the Christmas turkey toastie and cardamom bun as well as the twist on its iconic Cinnamon Social in the form of a limited-edition Christmas Chocolate & Orange Social with orange jam, custard, and chocolate icing.
Summer of rye
This theme continues into the summer months as Ole & Steen unveils a new menu of open rye sandwiches said to offer an ‘elevated taste of Denmark’.
Each sandwich is hand-crafted and packed with vibrant toppings from smoked fish and herbs to bright vegetables and Scandi-inspired salads – all piled on top of the bakery’s carrot rye bread.
The new four-strong range, which was created in collaboration with acclaimed Danish chef and cookbook author Trine Hahnemann, comprises:
- Smoked salmon, herb & lemon cream cheese, fennel, fresh dill and micro herbs
- Roast beef, horseradish mayonnaise, spinach, pickled red onions, cucumber and micro herbs
- Green pea, herb and chicken salad, fresh asparagus and micro herbs, and
- Smashed avocado and peas, jammy egg, mixed seeds and pea shoots.
“Our new Open Rye range is an exciting moment for Ole & Steen, not only because of the bold new flavours, but because of the collaboration with Trine Hahnemann. Her deep knowledge of Scandinavian food and love for honest, seasonal ingredients makes this partnership a perfect fit. We’re so proud to share these new sandwiches with our guests.”
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