It seems the thirst of British consumers for a good cup of coffee cannot be quenched. Nevertheless, independent espresso bar chain Coffee Republic has today revealed a loss of £2.4m for the last financial year to 31 March 2001.

Sales however increased by a massive 68% to £21m in Coffee Republic’s 82 espresso bars and cafes throughout the UK. In like for like terms, sales increased by 8.4%. Pre-tax losses were also reduced by £0.3m, from £2.7m to £2.4m.

Coffee Republic is strongly positioned in the UK coffee market, controlling both cafes, bars and smaller outlets in, for example, train stations. By 2004, CEO Peter Morris revealed that the company plans to have extended the chain to 200 purpose built bars and cafes. Within two years, however, market spectators expect the company to control up to around 2,400 branded outlets.