The Magic Bean Co. has revealed their plans to create more than 4,000 new jobs across UK. The coffee franchise is a Swansea based business and is operating since 2014. Moreover, they intend to open hundreds of outlets after securing a £10m HSBC bank support package.
Expansion across UK
The Swansea based business aims to build 200 sites across the United Kingdom over the next five years. “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.” CEO Leon Esfahani said in his statement. In addition, the company is also planning to launch nine new Starbucks sites this year. However, they have not disclosed any information related to the locations of these new sites.
Plans to create employment opportunities
The Magic Bean Co. reported a £17m turnover in 2021. Currently, the coffee franchise business is employing 370 workers. Moreover, they are working with Starbucks to identify employment opportunities at the new locations. The expansion of their franchise network will help the company is creating multiple employment opportunities. Initially, the company has shown their intent to create more than 4,000 new jobs. However, they have not provided any information regarding the nature of the jobs they will offer. Furthermore, the company has also not shared any timeline for the announcement of these new job roles.
£10m support package from HSBC
HSBC has provided The Magic Bean Co. with a bank support package of £10m. Therefore, HSBC is highly hopeful that the support package will help The Magic Bean Co. to grow significantly. “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.” Warren Lewis, Head of Corporate Banking Wales for HSBC UK expressed his views on the bank support package.
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