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Coffee Republic enters administration
Coffee Republic, the London-based coffee bar operator, has become the latest victim of the recession and entered administration.
Richard Hill and David Crawshaw from professional services firm KPMG Restructuring have been appointed as joint administrators of Coffee Republic (UK), Coffee Republic Franchising and Goodbean, although holding company Coffee Republic Plc is not in administration. Founded in 1995, there are currently 187 Coffee Republic outlets across the UK and 10 in international locations, with 20 directly owned by Coffee Republic (UK) and 70 operated under franchise agreements through Coffee Republic Franchising. The remaining 97 coffee bars operate within cinemas, retail outlets and hotels
Hill 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. "We will be doing whatever we can to find a buyer for the residual business as a going concern as quickly as possible, so interested parties will have to be prepared to move fast."
In addition to its UK operations, Coffee Republic operates sites in Bulgaria, Kuwait, Malta, Romania, Saudi Arabia and Turkey, as well as Ireland, Jordan, Muscat and Bahrain.
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