Coffee retailer set to open eight more sites after £1.4m investment
A Liverpool-based independent coffee company is set to continue its expansion after securing £1.4m of private investment.
CEO Jack Brewitt founded 92 Degrees in 2014 with a single coffee shop and roastery in Liverpool city centre.
Today, he oversees more than 100 staff at 11 sites throughout the UK, from Edinburgh to London
He has also launched a series of popular coffee products online and a monthly in-person subscription service, which has helped to double the scale of the business over the past six months alone.
The brand was originally looking for £920,000, but has ended its funding round with an impressive 52% more.
Jack said: “We’ve literally roasted billions of beans and sold them across the world to rapidly become known as a nationally recognised independent coffee company. This investment will really help us to accelerate the growth that we have been witnessing over the last three years through the pandemic and cement our future plans.”
He added: “We are a community united by our love for all things coffee, working with, and fighting for, each other at every opportunity as we progress towards our shared goals. Since day one, 92 Degrees’ motivation has been to bring our experience to as many communities as possible and to unite everyone, everywhere, with our love of coffee.
“This company values and supports the communities that we are part of, and we have learned that recruiting and developing local talent in parallel to championing local suppliers is a winning combination.”
The investment will lead to a further eight sites, including in Scotland, Manchester, Liverpool and London.
Jack added: “We have targeted doubling our store locations each year for the next two years and we are on track to close 2022 with at least 15 store locations. We will also be completing the development phase of our canned coffees and moving to implement our ambitious retail market strategy.
“We are already actively seeking and negotiating sites for 2023, when we will be increasing to 30 stores and working to unify our online and in-person experience, giving greater user accessibility via our app for instore and online guests. Furthermore, we are developing a very similar experience for our partner businesses via our trade division.”