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UK: Krispy Kreme Plans Major Expansion

Krispy Kreme – the American doughnut chain –has unveiled plans to double its number of stores across the UK and Ireland within five years. The group said it had secured £12m in finance from banking group Santander to fund an expansion that will include opening another 40 stores and taking on around 600 more staff.

Krispy Kreme first came to the UK in October 2003 through a concession in Harrods department store. It has since grown its store portfolio to 42 across the UK and Ireland, as well as a presence in 180 Tesco outlets, and now employs 720 people. The group said there was growing recognition for the brand and its doughnuts in Britain, but wants to "enable more people in the UK to enjoy them".

Bristol has been earmarked for the next store opening, with the group having already opened across cities including London, Manchester, Portsmouth and Birmingham. Krispy Kreme also hopes to take its stores to Scotland, with sites on the cards for Edinburgh and Glasgow. Its finance chief Rob Hunt said figures due out soon for the financial year to 31 January will show sales of just under £30m, up from £28.6m the previous year. The group is expected to report profits of just under £1m. It broke even on an underlying basis for the first time in its last financial year.

NamNews - Thursday 1st April 2010


UK: Krispy Kreme Plans Major Expansion

 


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