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08/07/2009
Jobs Threat As Coffee Republic Goes Into Administration
The coffee shop chain Coffee Republic has gone into administration following weeks of speculation about its future.
The group has 187 outlets in total in the UK and overseas, with 153 directly-employed staff based at its London head office and 127 at 20 group-operated outlets.
Administrators at KPMG have warned that job losses are "inevitable" at loss-making outlets.
KPMG hopes to sell on some of the company's profitable franchises and outlets.
Although the Coffee Republic Plc holding company has not gone bust, its three subsidiaries, Coffee Republic (UK), Coffee Republic Franchising Ltd and Goodbean Ltd have all been placed in administration.
Richard Hill, a restructuring partner at KPMG, said: "The recession is hitting discretionary spending on the high street and some of the less profitable bars with expensive leases have suffered.
"However, Coffee Republic has a strong brand and I expect considerable interest in the profitable parts of the business."
The chain was formed by brother and sister team, Bobby and Sahar Hashemi. It's first branch was opened in South Molton Street, London, in 1985.
Outside the UK, Coffee Republic has outlets in 10 other countries including Saudi Arabia and Bulgaria.
(JM/BMcc)
The group has 187 outlets in total in the UK and overseas, with 153 directly-employed staff based at its London head office and 127 at 20 group-operated outlets.
Administrators at KPMG have warned that job losses are "inevitable" at loss-making outlets.
KPMG hopes to sell on some of the company's profitable franchises and outlets.
Although the Coffee Republic Plc holding company has not gone bust, its three subsidiaries, Coffee Republic (UK), Coffee Republic Franchising Ltd and Goodbean Ltd have all been placed in administration.
Richard Hill, a restructuring partner at KPMG, said: "The recession is hitting discretionary spending on the high street and some of the less profitable bars with expensive leases have suffered.
"However, Coffee Republic has a strong brand and I expect considerable interest in the profitable parts of the business."
The chain was formed by brother and sister team, Bobby and Sahar Hashemi. It's first branch was opened in South Molton Street, London, in 1985.
Outside the UK, Coffee Republic has outlets in 10 other countries including Saudi Arabia and Bulgaria.
(JM/BMcc)
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
