Grind Reports Record Sales as High Street Locations Outperform Pre-Pandemic Levels
The UK-based specialty coffee chain has achieved a 38% year-on-year revenue increase for the fiscal year ending April 30, 2024, and has secured £10 million in funding to expand its café operations, online sales, and B2B segment.
London’s Grind coffee chain has reported its highest-ever annual sales alongside securing significant investment for further growth in its coffee shops, e-commerce platform, and wholesale distribution.
Over the 12-month period ending April 30, 2024, Grind recorded a 38% increase in revenue, reaching £29.7 million ($36.7 million). The company’s high street coffee outlets and online sales each accounted for 40% of total revenue, while its wholesale business contributed the remaining 20%.
Currently operating 11 coffee shops and three mobile coffee carts across London, Grind reported a 13% annual rise in high street sales, with this segment now surpassing pre-pandemic performance.
“The business has rebounded beyond pre-pandemic levels despite the continued prevalence of remote work. We anticipate further growth as more people gradually return to city life,” said Founder David Abrahamovitch in the company’s Companies House filing.
Grind’s digital sales have also been a strong revenue driver, consistently exceeding £1 million ($1.2 million) per month. The brand’s packaged coffee products are now available in 8,000 retail locations across the UK, including leading supermarkets Tesco and Waitrose.
However, increased investment in expansion and marketing has contributed to widening losses. The company reported a 1.1% rise in EBITDA to £3.9 million ($4.8 million), while pre-tax losses grew by 6.5% to £5.6 million ($7 million).
After securing £15 million ($17.1 million) in investment in March 2023, Grind raised an additional £5.5 million ($6.8 million) within the latest reporting period. More recently, it has successfully completed another £10 million ($12.3 million) funding round post-fiscal year-end.
“The business is in a strong financial position and well-prepared for continued expansion in the upcoming year,” Abrahamovitch added.
Grind operates in some of London’s busiest commercial and commuter hubs, including Shoreditch, London Bridge, Covent Garden, and St Pancras Station. During the period, the company closed its Whitechapel location and ceased operations at its Melrose Avenue café in Los Angeles following the conclusion of its one-year agreement with Soho House.
