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| Version 5 | Version 6 |
|---|---|
| Coffee Republic in administration | Coffee Republic in administration |
| (9 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. |
| Twenty of its 187 UK outlets are directly owned and affected by the administration. The rest are franchises or concessions in cinemas or hotels. | Twenty of its 187 UK outlets are directly owned and affected by the administration. The rest are franchises or concessions in cinemas or hotels. |
| 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. |
| 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. |
| Recession-hit | 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. | 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. |
| AFFECTED STORES BeckenhamBirmingham, New Hall StBirmingham, Temple RowBluewaterCanary WharfCanterburyChester, 33 Northgate StEaling, The MallHoveLondon, George StLondon, Great Marlborough StLondon, Kings RdLondon, QueenswayLondon, Rathbone PlaceManchester, York HousePembridgeRichmondStainesWorcester class="" href=" | |
| 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. | 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." |
| 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 the UK, Coffee Republic has outlets in 10 other countries including Saudi Arabia and Bulgaria. | Outside the UK, Coffee Republic has outlets in 10 other countries including Saudi Arabia and Bulgaria. |
| 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. | 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. |