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Article

7 May 2014

Author:
Federica Cocco, Mirror [UK]

How Caffe Nero paid £0 tax on £21.2m profit [UK]

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Last year we lost nearly £5bn to unpaid corporation tax. Of this, a small but important fraction could have been paid by coffee giant Caffe Nero. We’ve crunched the numbers. A letter calling for Caffe Nero to pay corporation tax has been making the rounds on Twitter...We had a look at Caffe Nero Group Limited’s accounts and found Mr. Pottinger to be right...Caffe Nero’s avoidance is aided by a complex structure of subsidiaries in the UK, the Isle of Man and Luxembourg, a tax haven...Caffe Nero was founded in 1997 by the American entrepreneur Gerry Ford. He owns 60% of Caffe Nero’s parent company Rome Holdco...A company called Rome Bidco owns 100% of Caffe Nero.