Starbucks is to open 140 new coffee shops in the UK this year after its British operation swung back into the black from losses in 2020 and resumed paying corporation tax.
In the first year of the pandemic, the US-owned chain received a tax credit of £4.4 million in the UK after racking up a pre-tax loss of £40.9 million.
The business, which has more than 1,000 outlets in Britain, was forced to seek a £25 million loan from its US parent to help offset a decline in trading. It has paid back the loan and confirmed that it had taken none of the government support in the form of Covid loans or furlough money.
According to accounts to be filed this week at Companies