The specialty coffee and bakery chain received investment in January 2024 to pursue international growth, with expansion to the US, Latin America and the Middle East also on the cards
Manolo Bakes currently operates 45 stores in Spain, primarily in Madrid | Photo credit: Manolo Bakes
Madrid-based specialty coffee and bakery chain Manolo Bakes has opened its first international outlet in Lisbon, Portugal.
Founded in 2017, Manolo Bakes currently operates 45 stores in Spain, primarily in Madrid. The business is planning to open at least 15 stores in Portugal and reach 100 stores in Spain by 2028.
“We are very excited to open our first store in Portugal, thus taking our first international leap and being able to bring the Manolo Bakes experience to another country for the first time. This first store in Lisbon is the first step to continue growing around the world,” said José Antonio del Castillo, Managing Director, Manolo Bakes.
Manola Bakes joins fellow Spanish brands Panther Organic Coffee and Santagloria in entering the Portuguese market in the last two years, as well as international brands Espressolab and Nothing Before Coffee.
World Coffee Portal’s Project Café Europe 2024 report shows that the total Portuguese market grew 11% over the last 12 months to exceed 400 stores. The market is forecast to reach 570 outlets by March 2029.
Manolo Bakes achieved 30% year-on-year sales growth in 2023 to reach €32m ($34.8m).
In January 2024, the business received investment from private equity firm VGO Capital reported to be approximately €60m ($65m). The funding will enable Manolo Bakes to pursue further international expansion with the US, Latin America and the Middle East cited as markets of interest.