Calls to boycott Caffe Nero for not paying corporation tax despite £100m profit since 2007

Angry Brits took to Twitter this morning to express disgust that coffee chain Caffe Nero has paid no corporation tax since 2007, despite profits of more than £100m since then.

Tweeters said they would be boycotting the British chain, which is the latest to come under fire for its tax arrangements, following controversy around US firms Google, Starbucks and Amazon.

An article on the MailOnline said Caffe Nero had sales worth almost $1bn and profits of £100m.

However, founder Gerry Ford, who is also chief executive and chairman, said profits had been wiped out by interest payments on debts of more than £250m.

Follow us on LinkedIn

Ford said the reason the company was based in Luxembourg had nothing to do with tax avoidance.

John Mann, the Labour MP and Treasury Select Committee member told the MailOnline: “It’s unfair competition. If other cafes around the country including those owned by families are paying proper British taxes, why shouldn’t this company? I think people will be shocked to see Caffe Nero is free-loading on the back of the taxpayers.”

NOW READ:

Why is London attracting business talent? “Loads of hot sex”, according to Michael Gove

CHECK OUT:

SBG cover resize

SECURING BRITAIN’S GROWTH: By Richard Branson, Boris Johnson, Martha Lane Fox, Kelly Hoppen & more business champions

Readers' comments (2)

Social Bookmarks