A Swansea-based coffee franchise business is embarking on a major growth plan after securing a £10m funding package from HSBC.
The Magic Bean Co., which was established in 2014, wants to expand its 24 Starbucks sites to 200 in the next five years. The plans could see the creation of over 4,000 new jobs as multiple new Starbucks drive-thru stores open throughout the UK.
The business, which generated revenues of £17m in 2021, intends to launch nine new Starbucks sites this year, with locations to be announced. The group, which also owns franchised sites for Denny’s, stated that it works closely with Starbucks to identify opportunities for growth in new locations.
Leon Esfahani, CEO of The Magic Bean Co, said: “As more and more companies enter the drive-thru market, we are marking an exciting new chapter with this funding, which will allow us to accelerate our rate of growth.”
Warren Lewis, Head of Corporate Banking Wales for HSBC UK, added: “We’re delighted to support the company’s ambitious plans to deliver exceptional growth and create new local jobs over the next five years. The demand for drive-thru and grab-and-go services continues to grow across the country, and the well-managed Magic Bean team are poised to take advantage.”
