Coffee Republic purchased by Arab Investments
Looks like another coffee chain is having a better week, though admittedly not as good as Starbucks.
Coffee Republic, who went into administration earlier this month, have been bought by Arab Investments, a privately owned property investment company based in London.
Khalid Affara, founder of Arab Investments, explained “We are delighted to have completed the acquisition of Coffee Republic today and we intend to start growing the business with immediate effect.”
Adding “Coffee Republic has a very strong brand name and we are bringing additional investment into the company to expand the number of retail outlets in the UK and elsewhere.”
62 staff will be kept on and Arab Investments state they will look to expand the brand going forwards.
With signs of better times ahead it looks like Arab Investments have done well with the timing, but I guess only time will tell.
Starbucks on the way back
Looks like things are looking up for Starbucks after a very hard year 2008.
Profits of $151 for the first quarter are definitely a step in the right direction and they predict that sales will start to grow again moving into 2010.
For the full details take a look here