Coffeeheaven's Polish plans on track
Coffeeheaven, the UK-owned coffee bar chain that operates solely in Poland, claims it is on target to add more sites this year in what it sees as "virgin territory" for the coffee market.
The company is concentrating its efforts in Poland, where it has nine shops and plans to have 11 stores in the country by June 2003 and 50 across the country by the end of 2006.
Coffeeheaven floated on the Alternative Investment Market (AIM) in December 2001, raising £750,000 following its demerger last year from Bakery Services, which provides Co-op supermarkets with bakery products.
Executive chairman Richard Worthington views Poland as a country with a very strong coffee culture but one that is untapped in terms of Western-style coffee bars.
"The central European markets have totally different dynamics to that of the UK. We have a financially robust operating model in a growing market with little competition," he said.
In its first set of (unaudited) trading results since flotation, Coffeeheaven reported turnover of £313,109 for the four months trading toMarch 2002.
It made a pre-tax loss of £66,410, of which £46,690 was attributed mainly to UK administration expenses.
