Caffè Nero sold £288m of lattes last year… but did not pay a bean in tax: Coffee chain is branded ‘parasitic’ as it claims loss
- Italian Coffee Holdings posted sales of £288m for the 12 months to May 31, 2017
- But it paid zero corporation tax for the year
- Caffè Nero has paid zero corporation tax to the British Exchequer since 2007
Caffè Nero has not paid a penny in UK corporation tax for a decade despite selling around £2billion of lattes and flat whites.
The company that controls the chain’s 637 shops in the UK and Ireland, Italian Coffee Holdings, has just reported sales of £288million for the 12 months to May 31, 2017 – but paid zero corporation tax for the year.
Italian Coffee Holdings, which has its headquarters in London’s Covent Garden, made a profit of just under £26million. But it paid no UK corporation tax because its parent company made a £25.5million loss. The red ink was caused by interest payments on its large borrowings from banks.
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