Grind secures £10m funding after record sales boost

Coffee group Grind has said its high street sales are back to pre-pandemic levels despite a rise in working from home.

The group, which has five cafes, six coffee shops and three food trucks in London, saw sales rise 38% to a record £30m in the year ended 30 April 2024.

This included a 13% jump in sales across its high street business.

“We are confident this can continue to grow as people slowly come back into the city more often,” founder and chief executive David Abrahamovitch wrote in its accounts.

The company has also secured a £10m funding round to support its future growth.

Grind said its online coffee business, which took off during the pandemic, was still growing and delivering over £1m in monthly sales.

The group also sells ready-to-drink coffee cans, pods and bean and ground coffee in 8,000 locations nationwide including Tesco, Waitrose, Co-Op, Wholefoods and Ocado.

It said its sales split was roughly 40% across the high street, 40% online and 20% in grocers and B2B wholesale partners.

However, pre-tax losses widened from £5.3m to £5.6m as the group continued to invest in growth and marketing activities.

“These losses are in line with management and investor budgets, and the board is confident in its strategy moving forwards,” wrote Abrahamovitch.

“The business raised £5.5m in the financial year and has completed a further £10m funding round after year end. The business is therefore well capitalised and in a strong position to grow in the coming year.”

Grind opened a coffee shop at Kings Cross St Pancras International station in April 2023 and a second site in Canary Wharf in September 2023.

It closed its site in London’s Whitechapel in September 2023 while pop-ups in Bicester Village and Melrose Avenue in Los Angeles reached the end of their one-year terms.

 

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