Franchise business to roll out 75 Starbucks drive-throughs
A franchise business is set to open 75 Starbucks drive-through restaurants with the support of a £21m funding package from HSBC UK.
The Magic Bean Co, a Starbucks national license partner, will open the 75 locations over the next five years, Insider Media has reported.
Each of the coffee shops will offer electric vehicle charging, after The Magic Bean Co was awarded Starbucks’ exclusive National Electric Vehicle Channel License Agreement.
Of the new sites, four have already opened and a further four sites are scheduled to open by the end of the year, including Port Talbot and Swindon and Netherton in September, followed by Lichfield in November.
The Magic Bean Co anticipates that its turnover will more than double over the five-year period, growing from £34m to £68m.
Jamie Evans, finance director at The Magic Bean Co, said: “HSBC UK has been with us from the very beginning, supporting us from the opening of our first Starbucks drive-thru in Cardiff in 2014 through to establishing our first revolving credit facility, which helped us expand from 19 sites to the 47 we operate today. This latest funding will support the continued rollout of our Starbucks drive-thru portfolio, enabling us to serve more customers in more locations.”
Lyndsey Connor, corporate banking relationship director at HSBC UK, added: “With the UK targeting 300,000 public EV charge points by 2030, investment in innovative roadside developments has never been more important. We’re delighted to support The Magic Bean Co on this unique venture, bringing together premium coffee and EV charging to enhance the customer experience while supporting the UK’s transition to electric vehicles.”