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Coffee Republic in administration Coffee Republic in administration
(10 minutes later)
The coffee chain Coffee Republic has gone into administration, becoming the latest victim of the economic downturn.The coffee chain Coffee Republic has gone into administration, becoming the latest victim of the economic downturn.
Administrators at KPMG have warned that job losses are "inevitable" at loss making outlets.Administrators at KPMG have warned that job losses are "inevitable" at loss making outlets.
The firm has 153 directly employed staff of whom 26 are based at its head office in London.The firm has 153 directly employed staff of whom 26 are based at its head office in London.
The group has 187 outlets in total in the UK including 70 franchisees. The rest are concessions in cinemas, hotels and retail outlets.The group has 187 outlets in total in the UK including 70 franchisees. The rest are concessions in cinemas, hotels and retail outlets.
KPMG has been appointed to Coffee Republic (UK), Coffee Republic Franchising and Goodbean, although holding company Coffee Republic plc is not in administration.KPMG has been appointed to Coffee Republic (UK), Coffee Republic Franchising and Goodbean, although holding company Coffee Republic plc is not in administration.
Outside of the UK, Coffee Republic has outlets in 10 other countries including Saudi Arabia and Bulgaria. The chain opened its first branch in 1985 in South Molton Street, London. Outside the UK, Coffee Republic has outlets in 10 other countries including Saudi Arabia and Bulgaria.
Richard Hill, KPMG partner and joint administrator said: "The recession is hitting discretionary spending on the High Street and some of the less profitable bars with expensive leases have suffered. Recession-hit
The chain was formed by Bobby and Sahar Hashemi, a brother and sister team, and opened its first branch in 1985 in South Molton Street, London.
Richard Hill, KPMG partner and joint administrator, 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."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.""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."
The UK has more branded coffee bars than anywhere else in Europe, according to the consultancy Allegra Strategies. The three biggest players are Starbucks, Costa and Caffe Nero.