Figaro Coffee Group (FCG) said expansion will drive its growth this year as it adds more stores to its current 111-strong network.
The company has opened another Angel’s Pizza branch in Cebu early this year to complement the existing two outlets in Cebu.
“To speed up deliveries and reach our customers faster, we are still looking to further strengthen our presence in Cebu through expansion in areas surrounding Cebu City and its outskirts as well,” said Mike Barret, FCG chief operating officer.
Barret said there has been a considerable increase in inquiries from customers and potential franchisees in Cagayan de Oro, Bacolod, Tarlac, Bulacan and Iloilo, where the company also recently opened its second branch in Tagbak, Iloilo City, to good reception.
“We believe the brand has successfully established its regular clientele and delighted customers have been telling their friends and families about it so everyone is looking forward to trying the products in their local areas,” Barret said.
The company has upcoming store grand openings lined up in Lipa, Batangas, Ortigas business district, BGC, Taytay, Rizal, Bacolod, Quezon City, and others.
FCG earlier noted that Western Visayas is one of its growth areas.
The group has 56 Figaro Coffee cafes, 41 Angel’s Pizza stores, six Tien Ma’s restaurants, seven The Figaro Group Express outlets, and one Café Portofino outlet.
Figaro earlier raised P767.4 million through the stock market where it sold to the public 930.17 million shares and another 93.02 million shares at P0.75 per share in an initial public offering.
The amount will fund store openings and renovations, commissary expansion, debt repayment; (d) IT infrastructure developments and potential acquisitions.
FCG in February said income before tax in 2021 hit P424.6 million last year, up 274 percent from P155.1 million in 2020.
