Fri, May 25 2012

Coffee Republic bought out of receivership

Fri, Jul 31 2009 14:30 CET

byRene Beekman

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Coffee Republic bought out of receivership

Photo: Yusuf Ahmad

Coffee Republic said on July 30 that it had been bought out of receivership by Arab Investment Ltd, Reuters said.

Arab Investments, best knowns for its plans to build a skyscraper in London, said it intended invest substantially in the Coffee Republic brand and wanted to further expand the network, which currently has 80 outlets, 20 of which are in 10 countries outside the UK, including Saudi Arabia and Bulgaria.

Khalid Affara of Arab Investments said in a media statement: "We are delighted to have completed the acquisition of Coffee Republic today and we intend to start growing the business with immediate effect."

Richard Hill, joint administrator and KPMG partner, was quoted in the company media statement as saying: "I'm delighted that we have agreed the sale of Coffee Republic, rescuing a substantial part of the business and protecting 62 jobs."

Coffee Republic had gone into receivership on July 8 2009.

Coffee Republic has five outlets in Bulgaria: in Sofia on 2 Bulgaria Blvd, near the National Palace of Culture (NDK); Park Mall in Stara Zagora; two shops in Varna - in Mall Varna and Pfohe Mall; and in Royal Beach Mall in Sunny Beach. On its website, it had announced plans to open new coffeeshops in Mall Plovdiv and Mall Rousse.

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