Cafe Neo is Expanding Really, REALLY...Fast
NOSA: That's what she said
In the last month, Cafe Neo has opened another Ikoyi branch
...another in Oniru
...another in Lekki
...and started doing deliveries
Word on the street is that there's going to be new Yaba outlet soon. Yeah, they're moving at remarkable speed.
Neo is one of my favorite brands in Lagos so this excites me for good reason. The owners are big finance guys so I'm really curious what the play is.
FOLLY: We all are. There was that fund raising thing they did last year, the details of which I cannot at all remember. That said, it must be fresh capital that's fueling the new outlets not revenues generated from Akin Adesola because I've been in there and see people order one bottle of water and sit for 4/5 hours (I have also done it before).
NOSA: Finance people (read: Folly) tend to only see a bottom line so I wonder if the Neo brothers are in this for the long haul or they're readying an exit.
FOLLY: I think the latter.
NOSA: There's a good chance Starbucks is eyeing Africa as the final frontier and it would make a lot of sense if they bought into an existing franchise.
Is Neo simply doing the heavy lifting until Starbucks comes?
FOLLY: I can't wait for Nosa to become a financial analyst and be dropping research notes in our inboxes weekly.