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Starbucks franchise 23.5 Degrees, based in Southampton, has secured a £17m funding package from HSBC UK to expand its portfolio.

 
The injection will allow 23.5 Degrees to open more cafes across the country, including drive thru sites in Sunderland, Bradford and Kings Lynn.

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The company is planning to open seven new outlets in the next four months and aims to have 300 stores and 6,000 employees by 2027.

Luca Contardo, finance director for 23.5 Degrees, said: “During the pandemic we were able to open nine stores which led to 200 jobs around the country.

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“Fitting out new stores is very capital intensive, with each opening costing upwards of a six-figure sum, but our HSBC UK Relationship Director, Sharon Murphy and her team have enabled our continuous growth to run smoothly.”

Gareth Evans, Hampshire and Dorset area director at HSBC UK, added: 2We are nation of coffee lovers, so it has been a pleasure to support the growth of 23.5 degrees since the relationship began in 2017. They are a coffee powerhouse and it has been great to see the forward-thinking team grow and realise their ambitious growth strategy.”

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23.5 Degrees opened its first store opened in Liphook, Hampshire, in 2013.

By Storm Rannard, Assistant Digital Editor

Source: Insider Media

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