STARBUCKS’ chief executive described London as the “perfect place to grow our European business”, as the coffee giant announced plans to move its regional headquarters from the Netherlands to London by the end of 2014.
“Today, our largest and fastest growing European market is the UK. As the coffee industry has grown, the UK and London specifically has become one of the most competitive coffee markets in the world,” Starbucks’ President for Europe, Middle East and Africa Kris Engskov said yesterday.
He added that Starbucks would likely pay more tax to the UK as a result of the move.
Starbucks also said it would open 100 new stores in the UK, creating 1,000 new jobs, after the relocation this year.
Senior executives will transfer to Starbucks’ head office in Chiswick, west London by the end of this year.
“This is another boost for London, which is already streaking ahead of its rivals as business capital of Europe,” said London First chief executive Baroness Jo Valentine, who represents many of the capital’s biggest developers.
“London is five times more popular than second place Paris as the location for leading firms to base themselves in Europe. It’s a tribute to London’s open, liberal economy, which is a springboard to Europe – the biggest single market in the world,” she added.