Entrepreneurial couple launch new Costa Coffee franchise in Openshaw

Two Northern entrepreneurs who specialise in running franchise operations have opened their 20th Costa Coffee and created 10 more jobs, after obtaining a £2m funding package from the Franchise Unit at HSBC.

The new Costa Coffee in Openshaw, Greater Manchester, is run by the husband and wife team Simon and Tracy Vardy, who own the Sim Trava network of Costa Coffee and Pita Pit stores.

So far the Sim Trava network has created 275 jobs, with Simon and Tracy aiming to more than double their store numbers between now and 2020.

Sim Trava’s managing director, Simon Vardy, said: “We are an ambitious business. We started with a single franchise in Northwich 10 years ago, and are looking to grow significantly over the next five years.

“We have big plans, including working with HSBC, a finance partner who really understands our specific needs and the franchise industry itself.”

The seven-figure funding package provided by HSBC comes from the bank’s national £8bn pot created especially for small and medium-sized businesses.

The head of franchising at HSBC, Andy Brattesani, said: “One of the great benefits of the franchise model is that it is possible to operate a solo franchise or a sizeable chain. Simon and Tracy Vardy are a great example of what can be done in running a chain of franchises, including creating a significant number of local jobs.”

He added: “We have a long-standing relationship with Sim Trava, which makes it all the more pleasing to provide them with support that will help them in their next phase of growth.

HSBC’s SME support package includes 18 months of no-fee business banking for startups, or 12 months for existing enterprises that switch.