The new face of coffee

Rise and shine / Mikel Coffee Company quickly became one of the fastest growing coffee companies in Greece.
Friday
2022-07-22
Mikel Coffee Company's endless global expansion has quickly made them an international coffee icon.
 

The Mikel Coffee Company story begins when the company’s CEO, Eleftherios Kyriakakis created a string of business including, cafes, bars and restaurants in Greece during the 2000’s. At the time the coffee culture in Greece was lacking and outdated. When the high-quality branded chain landed in Larissa, Greece in 2008, it took the city and then the country by storm. It’s now turned into sure stop for coffee lovers the world over.

Mikel says their aim is to bring to the entire world the gift of the best specialty coffee and products along with their love for the art of coffee - all with a touch of true Greek hospitality.

The name, Mikel, is a synonym for “Maybe it’s knowledge entering life”. And - the iconic face of the chain belongs to the founder’s father, Mr Kyriakakis. After it’s early success, franchising of the business began in late 2011 with the creation of 10 stores in Greece. In 2015 they opened their first international store in London, UK with the hope to spearhead their international development.

Since then, they’ve moved across the global and are found across the Europe, The Middle East, Australia and North America. As of June, 2022, there are 334 stores across 15 counties in across the world. Most of which are in Greece with 271 stores.

Athanasios Zikiris, CFO of Mikel said their most recent stores are found in Kuwait, Oman and New York.

For the current year and in a short period of time, stores in Qatar, Iraq, Jordan and Germany have joined our network. According to the rate of interest in the Mikel brand, we expect to increase our presence in at least 30 countries in the coming years,” says Zikiris.

The development of Mikel Coffee is now done with franchising. Foreign countries such as Cyprus, Turkey, Saudi Arabia and North Macedonia operate under master franchisee status,” he says.

The year 2022 presented new difficulties in the market. The main cause being price increases throughout the supply chain, also, in regarding matters of product availability and logistics. Although the pandemic, geopolitical turmoil and the energy crisis gave us concerns about the course of the year, the results we have achieved so far are better than our expectations.

FRANCHISE UNITS

334 stores across 15 countries
45 own stores

  • Greece – 271
  • Cyprus – 26
  • Turkey – 10
  • Saudi Arabia – 5
  • UAE – 3
  • Bulgaria – 3
  • USA – 3
  • Australia – 2
  • Canada – 2
  • North Macedonia – 2
  • Romania – 1
  • Egypt – 1
  • Kuwait – 1
  • Oman – 1

SUPPORT FOR THE FRANCHISE

  • Fast and flexible store setup
  • Ensured Quality (ISO 22000)
  • Extensive staff training
  • Support services
  • Constant values
  • Marketing support

BASIC NETWORK REQUIREMENTS

  • Dine in store offering take away and delivery (+120m2)
  • Basic self-service, take away and delivery store (+50m2)
  • Cantina for take away only (<50m2)

KEY FIGURES

  • Up to €250,000 for a Normal Franchisee
  • €750,000+ for an Area Franchisee
  • €1,500,000+ for a Master Franchisee
  • Payback period: 18 months
  • Average turnover per month: €50,000-€80,000
  • Royalties: 5% of the Monthly Revenue paid to the Franchisor
  • Franchise fees: $55,000
  • Other current payments: 2% of Annual Revenue for Marketing Purposes at the Franchisees disposal
  • Break-even: Approx. 2 years

Options for spaces / Franchsie's come in three different options. From 50m2 to the largest space occupied being 3000m2.