business / news / / The Telegraph
US coffee chain said ‘changes to minimum wage and employer National Insurance contributions’ put pressure on profit margins.
Starbucks UK's operating losses widened to £29.8m despite a £30m increase in turnover.
KEY POINTS
- Staff costs rose by £11m to £129m even after cutting over 200 jobs in the UK.
- Starbucks attributed losses to higher minimum wage and National Insurance costs under Labour.
- A £71m tax credit enabled Starbucks UK to report a post-tax profit of £30m.
- Starbucks closed 77 UK locations as part of a £750m global restructuring plan.
COMPANIES
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